Oxford spinout Oxsonics and its sister company Orthoson have attracted $11.4m from backers including Oxford University.
Oxsonics, a cancer-focused medical device developer spun out of Oxford University, has raised £9.4m ($11.4m) in series B funding from a consortium including Oxford University.
Oxford Technology, an investment firm focused on unlisted technology companies, contributed through its Innovation EIS Fund, while Longwall Venture Partners, Winton Ventures, Perivoli Innovations and assorted private investors also took part.
Founded in 2013, Oxsonics has developed a drug delivery platform called Sonotran that relies on ultrasound to guide oncological treatments to a solid tumour.
The money will also support Oxsonics’ sister company Orthoson, which is working on a minimally-invasive, incision-free and motion-preserving alternative to spinal fusion. That technology also originates in research conducted at Oxford University.
Oxsonics previously obtained £2.7m in a series A round in January 2014 led by Longwall. In March 2014, the spinout secured a £2.1m government grant.
Colin Story, chief executive of Oxsonics, said: “Insufficient dose and distribution of oncology agents into and throughout solid tumours represents a major hindrance in realising the therapeutic potential of numerous oncology therapies.
“Oxsonics’ platform technology, Sonotran, has already demonstrated an ability to enhance drug activity by up to 10,000-fold in a recent peer reviewed publication with a commercial evaluation partner underlining the major potential for impact that Sonotran offers.
“The magnitude and value of this series B funding round is testament to the significant technical progress and commercial traction the company has achieved and I would like to thank the whole team for their hard work and commitment in delivering this. We are now well positioned to advance our technologies into clinical-stage development.”
