Nanovi Secures Funding for BioXmark™ Injectable Tissue Liquid Marker in Radiotherapy
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|Thursday, 21 November 2013 09:00 (UTC + 1)|
Raising Radiotherapy Standards and Improving Treatment of Patients With Cancer
Copenhagen, Denmark, November 21, 2013 / B3C newswire / - Nanovi is developing products based on advanced biomaterials for use in the treatment of cancer. Nanovi’s first product (BioXmark™) is an injectable tissue liquid marker, used to improve accuracy in the radiation treatment of patients with cancer. BioXmark™ has the potential to increase radiotherapy quality with minimal changes in today’s procedures and equipment. It will be available for commercial use in Europe around 2015 with clinical data to document its benefit.
“We have followed Nanovi over some time and are pleased to see it progress as planned” says Jón Ingi Benediktsson, Investment Manager, SEED Capital.
SEED Capital invested in Nanovi earlier this year and Vækstfonden has just joined in a second closing. Nanovi has obtained support for a fully funded plan to proof-of-sale for its first product. The first committed investment of EUR 0.6 million will bring Nanovi to a proof-of-concept for BioXmark™.
“We are excited about the investment in Nanovi as its technology is on the forefront of innovation in a field with high needs of new solutions that can improve radiation therapy. Furthermore, the Nanovi team is very experienced and competent” says Jesper Roested, Investment Director, Vækstfonden.
The sales potential for BioXmark™ is EUR 100 million, in a market that can be served by a very small focused sales force. The potential of Nanovi’s new technology reach into a much larger market exceeding a potential of EUR 10 billion. The number of radiotherapy procedures performed worldwide, in which a marker will have a relevant impact on the outcome of treatment, is roughly 1 million therapy procedures per year. About half of the procedures are performed in patients with prostate and lung cancer, distributed about the same between patients with these two types of cancer. The other half of the treatment procedures are conducted in patients with other forms of cancer.
“We are very pleased to have secured good investors on board with a plan to fund the company the entire way to proof-of-sales. It allows us to focus on developing our company.” says Morten Albrechtsen, CEO and co-founder.
Cancer and Nanovi’s Role in Therapy
The lack of a good marker means that: (1) the cancer cells are not exposed to radiation, and the Tumour Control Probability decreases with risk of relapse of the cancer and death of the patient, and (2) Normal Tissue Complication Probability increases, and the side-effects become further increased and more severe. A good marker being available for pre-treatment planning and image-guided radiotherapy is currently a huge obstacle for getting the best result from radiotherapy treatment.
“We see a huge need for the individual patients and society to improve the treatment of cancer. Radiotherapy is an important element in the treatment and we see a large potential in improving this treatment. Our participation in the Nanoguide project may yield such improvements which we look forward to test clinically to determine their optimal use in the treatment of these patients” says Lena Specht MD DMSc, Professor of Oncology, Rigshospitalet.
“We are pleased to work with among others Nanovi as part of the €3.5 million Nanoguide grant from the Danish Council for Strategic Research ( “Dansk Strategisk Forskningsråd”) with the aim to develop new local and systemic markers and evaluate them clinically to improve the radiation treatment of patients with cancer ” says Lena Specht MD DMSc, Professor of Oncology, Rigshospitalet.
BioXmark™ is set apart from others by a high contrast level per volume and creates a large 3D object when injected. It’s easier to be seen on image modalities, such as: Ultra Sound, MRI, CT and 2D X-ray such as e.g. ExacTrac and fluoroscopy. Only a small amount is needed due to its high electron density and it can be injection through a thin needle which may reduce the risk for pneumothorax in lung cancer.
Nanovi is based on a technology that was developed by Nanovi invented by Professor Thomas L Andresen from the Technical University of Denmark (DTU), Department of Micro- and Nanotechnology (DTU Nanotech). The establishment and successful funding of Nanovi is an important achievement for DTU helping to form new and potential high growth companies to the benefit of the European/Danish society. In terms of creating future businesses and tax income.
“I am pleased to see Nanovi getting off the ground as it has the right elements to become a successful high growth company” says Mogens Rysholt Poulsen, Director of DTU Nanotech.
“I am pleased to see my scientific work transformed into a product that can benefit the patients and society and look forward to participating in the successful commercialisation of our research” says Professor Thomas L. Andresen, DTU Nanotech.
About SEED Capital
Since 1992, Vækstfonden has, in cooperation with private investors, co-financed growth in 4, 500 Danish companies, with a total commitment of approx. DKK 12 billion.
Vækstfonden invests equity or provides loans and guarantees in collaboration with private partners and Danish financial institutions.
The companies which Vækstfonden has co-financed since 2001 employ around 20,000 people in Denmark.