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Print Edition StoriesTuesday, March 17, 2009
Still River Systems draws in $33M in funding
By Mass High Tech staff
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Radiation therapy startup Still River Systems Inc. reports that it has closed on a financing round worth $33 million, led by new investor Venrock Associates and existing investor Caxton Health and Life Sciences.
Returning for the new round was existing investor CHL Medical Partners. As part of the financing deal, Anders Hove of Venrock Associates and Myles Greenberg of CHL Medical Partners will join Still River Systems’ board of directors.
The Littleton-based company says it will use the funds to speed up the development of its Monarch250 Proton Therapy System. To generate the proton beam needed for its radiotherapy, Still River Systems uses a cyclotron, or particle accelerator, that it co-developed with MIT that is 90 percent lighter than existing cyclotrons, with more powerful magnets based on the high magnetic field technology currently used in magnetic resonance imaging (MRI) applications, according to the company.
Still River Systems counts among its customers and industry partners the Siteman Cancer Center at Barnes Jewish Hospital and Washington University School of Medicine in St. Louis, Mo.
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