Wednesday, January 25, 2012

Mevion Medical finds $45M in VC funding

By Kyle Alspach, Boston Business Journal

Littleton’s Mevion Medical Systems said Wednesday it closed a $45 million investment to help the company commercialize its proton beam radiation therapy systems. The technology aims to offer a safer alternative to conventional X-ray radiation therapy.

Mevion, formerly known as Still River Systems, said the new investment comes from new backer ProQuest Investments and previous investors Caxton Heath Life Sciences, Venrock and CHL Medical Partners.

CEO Joseph Jachinowski previously said the company expected to complete the installation of the proton radiation system at Tufts Medical Center in Boston in 2012 or 2013.

The system aims to significantly reduce the cost, size and complexity of proton beam radiation therapy. The therapy holds the promise of offering more precise dose targeting than conventional X-rays but has seen limited use “due to the enormous cost, large footprint and technical complexity of traditional proton systems,” Mevion said in its announcement Wednesday.

However, the company noted in the release that its system, the MEVION S250 Proton Therapy System, hasn’t yet gotten clearance for clinical use from the U.S. Food and Drug Administration.

Mevion had previously reported raising more than $90 million in outside financing.