A Hayward biotech that's developing a way to target cancer cells with precision has raised a megaround that is still open and could roughly double to more than $200 million.
RefleXion Medical announced $105 million in fresh capital earlier this month, and a document filed on Nov. 22 with the Securities and Exchange Commission shows that the round could ultimately reach a little over $200 million.
The new funding comes around 10 months after RefleXion received clearance from the Food and Drug Administration to sell its product, a biology-guided radiotherapy system called Scintix.
TPG's venture arm, The Rise Fund, led the round. Other investors participating in the round include Ally Bridge, Pfizer Ventures and Johnson & Johnson Innovation, according to a press release.
It's also the biotech's Series F round, according to PitchBook.
RefleXion didn't respond to a request for comment, but in its announcement, the company said the new funding would help it "extend commercialization" of Scintix for the solid tumor cancers that it targets.
The company describes its technology as being similar to an autonomous vehicle that picks up signals from tumors, essentially providing real-time mapping of cancer cells, which would be particularly valuable for treating stubborn metastatic cancers.
"We had to prove that we could get that trusted therapy precisely where it needed to go, based upon live signals from the cancer itself," RefleXion President and CEO Todd Powell told the San Francisco Business Times in February.
With the initial tranche of its Series F, RefleXion's total equity funding comes to around $490 million, based on a Bay Area Inno analysis. That includes its $80 million Series E in 2022.
The company also secured $125 million in debt last year.
Chief Technology Officer Sam Mazin and Akshay Nanduri co-founded RefleXion in 2009.
