WICHITA, Kan., Aug. 14, 2018 (GLOBE NEWSWIRE) -- NeoTherma Oncology (NTO), developer of an advanced bioelectric medical device for noninvasive treatment of serious cancers, today announced the closing of a $6 million capital raise. The financing provides the resources to conduct human testing of NTO’s VectRx™ thermal oncology treatment platform, designated by FDA as a ‘Breakthrough Therapy’ for Pancreatic Cancer, expediting patient access to this novel adjuvant therapy[1]. The Series A convertible note raise was co-led by a current investor, Gary Barnett, along with new investment groups, Flor-Med Partners, LLC and R & K Edwards Investments, LLC, and others.
In making the announcement, CEO Mike Wandell said, “This investment provides us the ability to realize a dream - completing and qualifying the VectRx™ medical device to begin clinical studies in patients with pancreatic cancer, demonstrating the benefits of NTO’s adjuvant thermal oncology therapy. We are grateful both that our current investors have confirmed their confidence in the value of the technology and our ability to commercialize it, as well as that our savvy new investors also recognize its transformative benefit to the cancer treatment market. We are excited to move forward with these partners as we seek to demonstrate the safety and efficacy for patient care together with a strong ROI for our investors.”
“R & K Edwards Investments, LLC is very excited about the unique, innovative cancer treatment technology developed by NeoTherma Oncology and the management team led by Dr. Michael Wandell,” said Ron Edwards, Managing Member. “NTO has quickly established undeniable credibility as they have developed their cutting-edge technology, evidenced by FDA’s Breakthrough therapy designation, and the endorsements of expert clinicians we interviewed during the diligence process. We look forward to supporting and sharing in the success of NTO as it progresses to commercialization.”
About NeoTherma Oncology
NeoTherma Oncology is developing VectRx™, a noninvasive thermal oncology therapeutic device system for treatment of a wide range of cancers in addition to Pancreatic Ductal Adenocarcinoma, the eighth most common cancer but the fourth leading cause of cancer death in the United States. VectRx is designed to ‘plug and play’ with the global installed base of MRI scanners to deliver non-invasive, image-guided adjuvant thermal oncology therapy, which is expected to increase life expectancy and improve quality of life of patients who receive it in addition to standard-of-care radio-, chemo- and immuno- therapies.
Contact: Erik Miller - Cell: +1-512-461-0197; emiller@neothermaoncology.com
_______________________
[1] Messmer and Cumming, “21st Century Cures Act: Innovation, Breakthroughs, and Research in Under-Represented Populations”, Evidera|PPD®, The Evidence Forum, Nov. 2017, https://www.evidera.com/wp-content/uploads/2017/10/02-21st-Century-Cures-Act-Innovation-Breakthroughs-and-Research_2017Nov.pdf