Tel Aviv-based Alpha Tau Medical has raised $29 million in private financing to support its radiation-emitting implants for treating various solid cancers.
The funding round was led by Israeli private equity firm Shavit Capital, with participation from Medison Pharma’s VC arm and OurCrowd.com, a global equity crowdfunding platform. In addition, contributing private investors included Sir Ronald Cohen and Alan Patricof, founders of Apax Partners.
The company’s Alpha DaRT (Dіffusіng Alpha-emіtters Radіatіon Therapy) radioactive seeds deliver short-range alpha particle radiation to kill the surrounding tumor tissues as they decay.
Preliminary clinical results showed effectiveness in treating squamous cell carcinoma, with all patients' tumors reducing in size and more than 70% of patients' tumors disappearing within a few days, Alpha Tau said.
"The funding will be invaluable to explore the full potential of the Alpha DaRT as a cancer treatment for clinical trials worldwide, as well as establish global production facilities for the radioactive DaRT seeds to meet local distribution demand," Alpha Tau CEO Uzi Sofer said in a statement.
The company has started clinical trials evaluating Alpha DaRT as a treatment for cancers of the pancreas, breast, prostate, and head and neck, as well as in gynecological tumors. In addition, Alpha Tau has established subsidiaries in the U.S. and Japan to assist in local distribution and manufacturing of the treatment.