Adaptiiv Medical Technologies, the Halifax company that uses 3D printing to improve radiation treatment for cancer patients, has closed a round of $3.4 million, more than twice its target.
The company issued a press release Wednesday saying it had initially set out to raise $1.5 million but the round was over-subscribed due to strong interest from investors.
Founded in 2016, Adaptiiv has now raised a total of $7 million, and has added to this by attracting grants and loans from government agencies. The company plans to use the funds from the most recent round to grow its market share by taking advantage of several strategic opportunities.
"The support from our investors coupled with continued traction amongst leading cancer centers . . . is a strong indicator of the momentum our team has built,” said Adaptiiv CEO Peter Hickey in the statement. “We are now poised to capitalize on strategic opportunities that will allow for our transformative technology to deliver meaningful and significant clinical treatment solutions to radiation therapy providers and their patients on a global scale.”
Adaptiiv has developed a system that 3D prints a bolus – a piece of plastic that is placed over the cancerous area in a patient undergoing radiation therapy. The radiation hits the bolus, builds up and then is transferred into the tumour.
There can be no air pockets between the bolus and the skin, which complicates matters given that every body is unique. Hospitals using the Adaptiiv product buy a system that includes 3D printers with special filaments, so boluses customized to each patient can be printed within seconds. The boluses can be reused as the patient receives repeated radiation dosages. Or, if the patient’s body shape changes over the course of multiple treatments (not uncommon, as patents often lose weight through the process), the medical staff can print off another bolus.
Though only four years old, Adaptiiv has clients in 14 countries. It has signed collaboration agreements with such leading centers as St. Jude Children’s Research Hospital in Memphis, Tenn., Nova Scotia Health Authority, and Centre Hospitalier de l'Université de Montréal.
The company has obtained: 510(k) regulatory clearance from the Food and Drug Administration in the U.S.; CE Mark certification within the European Union; and ISO 13485 certification, the global standard for medical devices.
Adaptiiv says its proprietary technology offers a distinct competitive advantage in radiation oncology and has delivered a strong value proposition to customers all over the world.