Leo Cancer Care to Use Series C Financing to Grow Global Footprint

Investors include McLaren Healthcare Corporation, Cone Health, Wisconsin Alumni Research Foundation, Macmillan Cancer Support and Aviko Radiopharmaceuticals, a private company funded by affiliates of Deerfield Management

MIDDLETON, Wis., June 11, 2024 /PRNewswire/ -- Leo Cancer Care is delighted to announce that it has secured funding to advance the company to the next stage of its global ambitions for upright radiation therapy.

This investment highlights increasing confidence investors have in the team and the product, which is offering a "more human" way to administer radiation therapy to patients with a range of cancers.

The unique upright patient positioning and CT imaging system, named Marie® after Nobel laureate and radioactivity research pioneer Marie Curie, utilizes a fixed radiation beam with patients rotated slowly and smoothly to different beam angles as treatment is administered.

The solution allows patients to remain in an upright position during treatment. Growing evidence indicates that this position reduces internal organ movement in patients receiving upright therapy. This simple shift not only enhances patient comfort but also has the potential to improve treatment accuracy.

Marie® removes the need for a gantry while still providing 360 degrees of beam angles. This gantry-less approach enables a significant reduction in spatial footprint and cost, particularly for proton therapy and carbon ion therapy.

Investment will aid expansion into Asia

Stephen Towe, CEO of Leo Cancer Care, said: "This funding marks an important milestone, as it will enable the growth of our business and allow us to build the necessary infrastructure to support our system once it is installed at various sites. The investment will also help us to build a global footprint."

The funds will enable Leo Cancer Care to expand into the Asian markets, particularly in Singapore, Japan, and South Korea, where the company has begun building teams and establishing a commercial presence.

"This funding will help put Leo Cancer Care and our systems for upright radiation therapy firmly on the global stage," he added.

Strategic Investors committed to advancing healthcare

The latest investment from both strategic investors and VCs (venture capitals) reflects the confidence in the innovative Leo Cancer Care system and welcomes a list of partners aligned with the company's goals.

The first is a Leo Cancer Care partner, McLaren Health Care Corporation. McLaren's decision to invest comes after the installation of the first of two Marie solutions for testing purposes in Flint, Michigan.

McClaren Health Care Corporation's investment in Leo Cancer Care has been augmented with McLaren's Chief Administrative Officer, Gregory Lane, taking a seat on the Leo Cancer Care Board of Directors.

Another healthcare provider investing in Leo Cancer Care is Cone Health, a comprehensive health network with over 150 locations across the U.S. dedicated to providing accessible care. Their brand promise, "We're right here with you," which emphasizes personalized care, aligns with Leo Cancer Care's goal to deliver radiation therapy in a more human way.

An investor close to home is WARF (Wisconsin Alumni Research Foundation), which is connected closely with UW Health based in Madison, Wisconsin, another early adopter of the technology and based in the same city where Leo Cancer Care has its office in the United States.

The UK's leading cancer care charity Macmillan Cancer Support has joined the list of investors. Macmillan created an impact investment portfolio in 2023, dedicated to supporting startups that are aligned with the Charity's goals. This new partnership will help Leo Cancer Care to keep those living with cancer at the heart of their mission to be the more human way to deliver radiation therapy.

Aviko Radiopharmaceuticals, a private biotechnology company funded by affiliates of Deerfield Management, also joins investors in this financing. In 2023, Aviko joined Leo Cancer Care and Neutron Therapeutics in a multi-year partnership to advance upright patient positioning for boron neutron capture therapy (BNCT). 

EDBI, the strategic investment arm of the Singapore Economic Development Board (EDB), another supporter of Leo Cancer Care's global expansion plan, has joined the round. Leo Cancer Care plans to establish Singapore as a base for its APAC activity and growth in the coming years.

Towe added: "Financing the business is the 'fuel' to keep it going but it is the partnerships we have created along the way that will drive us over the finish line, taking this innovation to those who need it most."

Please note: Leo Cancer Care's upright patient positioning system recently gained 510(k) regulatory clearance in the United States for clinical use, with a similar process underway in Europe. Marie, including our upright CT scanner, is not yet clinically available.

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SOURCE Leo Cancer Care