Friday March 10, 2017 0 comments
WESTMINSTER -- Surefire Medical, Inc., developer of site-specific delivery devices for the interventional oncology market, announced the first closing of a $12.8 million Series D financing round.
Surefire Medical said it will use the round, led by ORI Healthcare Fund (ORI Fund) and with continued support from previous funders, to:
- Expand sales and marketing in the U.S. and Europe
- Initiate sales and clinical trials in the multibillion dollar China market
- Complete the 170-patient randomized controlled QED clinical trial (NCT02748161)
- Pursue promising opportunities in the $66B immunotherapy market, focusing on site-specific delivery to solid tumors
“ORI Healthcare Fund focuses on disruptive technology platforms that will lead to new standards of care, “ said Simone Song, ORI Healthcare Fund senior partner.
“We are fortunate to be able to invest in Surefire’s technology, which will change the standards of care in liver embolization and immunoncology approaches requiring direct-to-tumor delivery. We will leverage our resources in China to help penetrate the Chinese market, which has the highest and fast-growing liver cancer incidence.”
In a randomized trial, Surefire said its catheter was shown to improve tumor uptake by 68 percent while simultaneously decreasing non-target delivery by 58 percent. Additionally, a multi-center registry found use of the Surefire Precision Infusion System in the treatment of primary liver cancer (hepatocellular carcinoma or HCC) was associated with a 68 percent complete tumor response and 92 percent objective tumor response.
These response rates are considerably higher than the average response rates seen in the literature for this patient population, the company said.
Surefire said new clinical data to be presented at the 2017 Society of Interventional Radiology’s Annual Scientific Meeting this month reinforces previous findings. In a retrospective case-controlled comparison, the use of Surefire infusion technology achieved a 79 percent objective response rate in the treatment of primary liver cancer (hepatocellular carcinoma or HCC) in transarterial chemoembolization procedures (TACE) versus 37 percent with a standard microcatheter.
“We plan to have the Surefire Infusion System become the standard of care in liver embolization,” said James Chomas, Surefire Medical president and CEO.
“We are very pleased to welcome the ORI Fund. This Series D financing supports our core liver cancer business by expanding to large untapped markets as well as expanding our business model through partnerships with biotechnology companies developing immunotherapies for solid tumors.”