Press Release: Xoft Takes In $33.2 Million Series D Round
Xoft Takes In $33.2 Million Series D Round FREMONT, Calif., April 4 -- Xoft, Inc., developer of Electronic Brachytherapy, a proprietary cancer treatment platform, announced today that the company has closed a Series D round of financing, totaling $33.2 million in additional equity funding. Designed to help reduce recurrence of breast cancer, the Axxent(R) Electronic Brachytherapy System uses a miniaturized X-ray source that can deliver localized and targeted radiation treatment in virtually any clinical setting under the supervision of a radiation oncologist. All of Xoft's current investors participated in the Series D financing, including MPM Capital, Sutter Hill Ventures, Maverick Capital, Frazier Healthcare Ventures, Mosaix Ventures, Cutlass Capital, RiverVest Venture Partners, and Frantz Medical Ventures. The round also included new investors, including Easton Capital, New Science Ventures and Hambrecht & Quist Capital Management. Additionally, John Friedman, founder and managing partner of Easton Capital will join the Xoft Board of Directors. "We appreciate the continued support from the investment community as we prepare to treat the first patients with the breakthrough Electronic Brachytherapy system," said Michael Klein, Xoft CEO and president. "These funds will be used to expand manufacturing operations as well as the sales and marketing functions to fully commercialize this important new tool. Interest in the Electronic Brachytherapy platform from the radiation oncology community has been strong and we are confident that these funds will not only drive adoption of the breast cancer application, but also accelerate development of additional indications for this innovative technology, including potential treatments for gynecological and other cancers." Cleared by the U.S. Food & Drug Administration (FDA) for the treatment of early stage breast cancer, the Axxent System is designed to deliver therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue. Eliminating the need for heavily shielded environments, it gives radiation oncologists the flexibility to deliver therapy in a broader range of clinical settings. Use of the Axxent Electronic Brachytherapy System also provides the opportunity to reduce the time required for radiation therapy for early stage breast cancer from seven weeks (for external radiation therapy) down to five days. As a result, tens of thousands of patients will have greater access to therapy that is delivered more easily and conveniently. This may accelerate patient choice of breast sparing lumpectomy surgery with adjuvant radiation therapy over the alternative of a full mastectomy. "We strongly believe Xoft's Electronic Brachytherapy represents a paradigm shift in radiation therapy that is going to have significant impact on the industry," said John Friedman of Easton Capital. "For this reason, we are excited to join a group of such high quality investors committed to providing the necessary resources to fuel market adoption and expansion for this important technology." Piper Jaffray & Company served as exclusive financial advisor and placement agent for Xoft. About Xoft, Inc. Xoft is developing leading-edge new technologies for the practice of radiation oncology through Electronic Brachytherapy, which utilizes proprietary miniaturized x-ray tube technology. The Axxent(R) Electronic Brachytherapy System, Xoft's first treatment system, is designed for use in Accelerated Partial Breast Irradiation (APBI) for the treatment of early-stage breast cancer. This solution provides a therapeutic dose of intracavitary radiation directly to the region at risk without the complex handling and resource logistics necessary when performing brachytherapy using radioactive isotopes.