EDMONTON, Alberta - September 12, 2019 - (Newswire.com)
MagnetTx Oncology Solutions Ltd. (“MagnetTx”) is pleased to announce it has closed a capital funding transaction with a strategic investor.
“Our investor has extensive experience in the medical device industry and is an ideal fit for MagnetTx,” says Mike Cogswell, President and CEO of MagnetTx. “In addition to dedicating sufficient investment capital to bring the Aurora-RTTM to market, our investor brings many synergies, including regulatory expertise, that will benefit MagnetTx on its road to commercialize its revolutionary technology – the Aurora-RTTM.”
The investment was provided via equity, allowing MagnetTx to continue to operate debt-free.
“The funding will be deployed in two key areas,” adds Cogswell. “First, it will be used to expand our current team in areas of technology development, operations, and service positions as we work to bring the Aurora-RTTM to market. And second, funds will be used to expedite the completion of the FDA approval process and completion of the first clinical device installation currently underway at the renowned Canadian Cross Cancer Institute in Edmonton, AB.”
About MagnetTx Oncology Solutions Ltd.
MagnetTx designs, manufactures and markets the Aurora-RTTM radiation therapy system. The Aurora-RTTM is built upon a proprietary Open-Air MRI imaging system designed to address the unique challenges and clinical workflow for advanced radiation oncology procedures. The system leverages existing workflow and systems while helping clinician and patients to achieve improved treatment outcomes.
The ultra-large bore utilized by the Aurora-RTTM is unique in the Radiation Oncology MRI-guided systems and allows clinicians to treat all traditional tumor locations without compromising their set-up criteria.
For more information, contact: Dave Armbruster, dave.armbruster@magnettx.com, (604) 763-2877
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Original Source: MagnetTx Closes Strategic Investment
