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RefleXion announces closing of $125M debt facility for expanding cancer treatment

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RefleXion Medical, a therapeutic oncology company developing biology-guided radiotherapy (BgRT) for all stages of cancer, has announced the closing of a $125M debt facility, of which $55M is available immediately to repay the company’s existing $50M of debt.

The remaining $70M of the new facility will be made available upon reaching certain regulatory and commercial milestones.

The funds will support the continued commercialisation of the RefleXion X1 platform and the introduction of RefleXion’s novel BgRT technology.

Martyn Webster, chief financial officer at RefleXion Medical, said:

“We have again partnered with Oxford Finance to refinance our existing credit facility to lower our effective interest rate, increase access to additional funding and provide greater financial freedom as we approach the launch of our novel BgRT.

“Among other things, these funds will allow us to expand our installation capacity and build a robust radiopharmaceutical program that will one day expand the clinical indications for BgRT to include advanced prostate and kidney cancers.”

RefleXion is a privately-held company developing the first biology-guided radiotherapy system which the goal of treating multiple tumors in cancers that have metastasised.

Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT).

The company is also developing BgRT, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location.

Christopher A. Herr, senior managing director at Oxford Finance, added:

“We are pleased to expand our commitment and continue supporting the RefleXion team through development and commercialisation of RefleXion’s X1 radiotherapy platform and the introduction of its novel BgRT technology, which we believe has transformative potential for treating metastatic disease.”

Recently RefleXion announced a co-development agreement with Telix Pharmaceuticals to develop a new indication for Telix’s novel prostate surface membrane antigen (PSMA) targeted diagnostic PET radiotracer to include use with BgRT.

Earlier this month, the company also hosted its first cancer symposium that included clinicians from 30 of the top cancer care programs in the United States.

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