Biology-guided radiotherapy (BgRT) technology developer RefleXion Medical announced today that it closed a $125 million debt facility.
Hayward, California-based RefleXion has $55 million of the $125 million total available immediately to repay its existing $50 million in debt. The remaining $70 million will be made available upon the achievement of certain regulatory and commercial milestones.
According to a news release, RefleXion plans to use the funds to support the continued commercialization of its X1 platform and the introduction of its novel BgRT technology. The company designed BgRT to transform an injected radiotracer into a unified motion management solution that overcomes the technical limitations currently restricting radiotherapy use to one or two tumors.
BgRT has received FDA breakthrough device designation for use in lung tumors and RefleXion plans to scale the therapy to treat all visible cancer sites, creating a new treatment option for patients with metastatic disease.
“We have again partnered with Oxford Finance to refinance our existing credit facility to lower our effective interest rate, increase access to additional funding and provide greater financial freedom as we approach the launch of our novel BgRT,” RefleXion CFO Martyn Webster said in the release. “Among other things, these funds will allow us to expand our installation capacity and build a robust radiopharmaceutical program that will one day expand the clinical indications for BgRT to include advanced prostate and kidney cancers.”
Oxford Finance Senior Managing Director Christopher A. Herr added that the company is pleased to expand its commitment to and support RefleXion as he believes the company’s technology “has transformative potential for treating metastatic disease.”
Earlier this year, in March, RefleXion closed an $80 million equity financing to support its therapeutic oncology technology.