Mevion Medical Systems Secures $55 Million to Accelerate the deployment of its Revolutionary Cancer Treatment Technology
Additional funds will support the growth of business operations in the U.S. and internationally.
Littleton, MA, June 25, 2013 - Mevion Medical Systems, Inc., the worldwide leader in single-room proton therapy systems for the treatment of cancer, announced that it has secured $55 million to accelerate the deployment of its revolutionary MEVION S250 Proton Therapy System. The funds were raised from existing equity investors, including Caxton Heath Life Sciences, ProQuest Investments, Venrock, and CHL Medical Partners, as well as from debt financing provided by Life Sciences Alternative Funding LLC.
Proton particles have the intrinsic ability to deliver a more highly targeted treatment for the management of cancerous tumors and lesions as compared to traditional X-ray radiation therapy. This ability can provide less collateral damage to surrounding healthy tissue, making proton therapy a valuable treatment option for pediatric cancers and high-risk target locations. However, proton therapy has been limited to only a select few institutions because of the high-cost, large space requirements and operational complexities of legacy proton systems. The MEVION S250 is a unique proton therapy system that has changed this paradigm, delivering the same precise, non-invasive treatment capabilities and advantages of conventional systems but with a significantly reduced size, improved reliability, efficient clinical workflow, and lower implementation cost. With a footprint similar to a modern X-ray radiation therapy device, the MEVION S250 brings accessibility, affordability and practicality to proton therapy.
Mevion was founded to provide cancer centers and patients around the world with cutting-edge proton therapy technology on a scale, size and cost that is accessible and practical for today's healthcare landscape, said Joseph K. Jachinowski, Chief Executive Officer of Mevion Medical Systems. These additional funds will support the growth of our business operations in the U.S. and internationally.
Providing growth capital to commercial-stage life sciences companies is our primary focus, and we are very excited to help fund Mevion's continued leadership in state-of-the-art proton therapy systems, stated Steve DeNelsky, President of LSAF. We believe Mevion provides the most technologically advanced cancer treatment modality at a price point that, for the first time, is making proton therapy broadly accessible to hospitals and patients. Joe and his management team have done a great job and LSAF is pleased to provide the capital to allow Mevion to accelerate its growth.
The MEVION S250 proton therapy system is the only single-room proton therapy system that is cleared by the United States Food and Drug Administration for clinical use. The first MEVION S250 is installed at the S. Lee Kling Center for Proton Therapy at Barnes Jewish Hospital at Washington University Medical Center in St. Louis, Missouri and is currently undergoing clinical acceptance and commissioning in preparation for patient treatment later this year. With five centers under installation and construction and more than a dozen under planning, Mevion has established itself as a leading proton therapy supplier worldwide
About Mevion Medical Systems
Mevion Medical Systems, Inc. is a radiation therapy company dedicated to advancing the treatment of cancer. As the pioneering developer of modern proton therapy systems, Mevion provides innovative, safe, and effective solutions by transforming advances in medical technology and science into practical clinical reality.
Mevion's flagship product, the MEVION S250 Proton Therapy System, is designed to preserve all of the treatment benefits of traditional proton therapy systems while removing the obstacles of size, cost and complexity. Realizing this vision, Mevion has forever changed the economics and accessibility of proton therapy worldwide.
Founded in 2004, Mevion is a privately held company headquartered in the Boston metropolitan area with international offices in the United Kingdom and Japan.
Visit us at: www.mevion.com.
About Life Sciences Alternative Funding LLC
LSAF provides non-dilutive growth capital exclusively to commercial-stage life sciences companies with a primary focus on medical device and diagnostics companies. LSAF's highly flexible structures provide non-dilutive long-term capital solutions ranging from $10 million to $50 million or more. LSAF is majority-owned by affiliates of the Perella Weinberg Partners Asset Based Value Strategy.
About ProQuest Investments
ProQuest is a healthcare venture capital firm with offices in Princeton, NJ. ProQuest invests in healthcare companies seeking financings from seed to late-stage. ProQuest's portfolio reflects the rich diversity of the healthcare industry and exemplifies our commitment to fostering the growth of exceptional businesses. For more information, please visit ProQuest's website at www.proquestvc.com.
Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock continues a tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology and healthcare, portfolio companies have included Adify, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Endeca, Gilead Sciences, Idec Pharma, Imperva, Illumina, Intel, Millennium Pharma, SlideShare and Tudou. For more information, please visit Venrock's website at www.venrock.com and follow the firm on Twitter at @venrock.
About CHL Medical Partners
CHL Medical Partners is a premier venture capital firm dedicated to partnering with entrepreneurs to create and finance innovative healthcare companies.
Melanie M. Benton
Marketing Project Manager
Mevion Medical Systems