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Nanovi Secures €2.7M to Market BioXmark™ and Expands Board of Directors

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Copenhagen, Denmark, September 29, 2014 / B3C newswire / - Nanovi, specialized in the development of advanced biomaterials for use in the radiotherapy of cancer, today announced it secured €2.7M from current investors to bring BioXmark™ technology to the market. BioXmark™ is a novel injectable liquid tissue marker which improves the accuracy and quality of radiation therapy. It can easily be implemented in today’s routines and equipment and will be available for commercial use in Europe during the first half of 2015.

A high contrast marker being available for pre-treatment planning and image-guided radiotherapy is still a huge obstacle for getting the best result from radiotherapy. BioXmark™ forms a large 3D semi-solid gel and thus produces a high contrast visible with all commonly used high-precision imaging techniques including 2D/3D X-ray imaging (Fluoroscopy, ExacTrac, Cone Beam, and CT), MR and Ultrasound imaging. With about one million radiotherapy procedures using markers performed worldwide each year and a growing incidence of cancer, Nanovi’s new technology targets a market exceeding EUR 10 billion.

Jesper Roested, Investment Director, Vækstfonden says: “We are very pleased to see Nanovi progress in bringing BioXmark™ to the market, and we look forward to continue our close collaboration to help transforming Nanovi to a commercial company.“

Nanovi moreover brings two new board members to the company: Flemming Thorup, President and CEO of 3Shape A/S since 2001, who will serve as the Chairman of the Board of Directors, and Gordon McVie, MD, professor and an international authority on the treatment and research of cancer who will serve as a member of the Board of Directors.

Morten Albrechtsen, CEO and co-founder of Nanovi says: “We are happy to welcome two new board members. Flemming Thorup brings distinctive skills on how to successfully commercialize and grow a medical company internationally, and Gordon McVie brings unmatched clinical understanding essential for successful commercialization of BioXmark™. We are also very pleased for the continued support and good collaboration with our investors, which keep our plan on-track and enables us to bring BioXmark™ to the marked already next year.”


About
Nanovi
Nanovi was founded in late 2010 with the aim of raising radiotherapy standards without compulsory changes in current routines and equipment. The idea arose from a real medical need for better guidance of radiation treatment of cancer patients that Nanovi’s founders believe could be solved using advanced biomaterials and drug-delivery technologies.
The BioXmark™ technology was invented by Professor Thomas L Andresen from the Technical University of Denmark (DTU), Department of Micro- and Nanotechnology (DTU Nanotech).

About BioXmark™ Technology
BioXmark™ is the first and only injectable liquid tissue marker which forms a large 3D semi-solid gel and thus produces a high contrast for 2D use. It is easy to place and visible in all commonly used image modalities (e.g., CT, PET, and MRI). Due to its high electron density only a small amount of marker is needed. Current markers are mainly used for routine treatment of patients with prostate cancer and there is an unmet medical need for radiotherapy of other cancers such as lung cancer. Since BioXmark™ can be injected through a thin needle the risk for pneumothorax in lung cancer is reduced. BioXmark™ also allows encapsulating chemotherapeutics within the gel. Combining chemo- and radiotherapy within one treatment methodology could prove superior to current stand-alone treatments .

Nanovi’s Role in Cancer Therapy
Radiotherapy is the most cost-effective way to treat localized solid tumors, and more than 50% of patients receive radiotherapy at least once after being diagnosed with cancer. Modern radiotherapy relies on advanced, high-precision imaging techniques (e.g., CT, PET, and MRI), which enable the delivery of high radiation doses with high precision to a precisely defined target. The challenge in radiotherapy is to administer a sufficient high dose to kill all cancer cells while minimizing damage to surrounding normal tissue. The lack of a good marker can mean that: (1) the cancer cells are not exposed to radiation, and the Tumor 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 high contrast marker being available for pre-treatment planning and image-guided radiotherapy is still a huge obstacle for getting the best result from radiotherapy treatment.

About SEED Capital
SEED Capital is the largest venture fund in Denmark within the pre-seed and seed segment, and specializes in identifying and developing new and innovative technology companies. SEED Capital manages both private venture capital and public funds with Pre-Seed Innovation. SEED Capital manages approx. 1.8 billion DKK and has about 65 companies in its portfolio.

About Vækstfonden
Vækstfonden is a state investment fund, which aims at creating new growth companies by providing venture capital and expertise. 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.


Contacts:

Nanovi
Morten Albrechtsen, CEO
+45 24 25 62 66
This email address is being protected from spambots. You need JavaScript enabled to view it.

SEED Capital
Jón Ingi Benediktsson, Investment Manager
+45 40 28 00 48

Vækstfonden
Jesper Roested, Investment Director
+45 35 29 86 00

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