September 17, 2009
Investors, Skyline Ventures and Frazier Healthcare Ventures Leads $50 Million Investment Round in Calypso Medical
Based in Seattle, Washington, medical device company, Calypso Medical announced today that it has closed a $50 million investment, which was led by both Skyline Ventures and Frazier Healthcare Ventures. Other investors include Bay City Capital, and Interwest Partners.
Calypso Medical is a medical device company that has developed a tumor localization system which uses implants to continuously, accurately, and objectively track tumors for radiation therapy. The implants used in this system are known as Beacon electromagnetic transponders, which together with the company’s proprietary system are designed to track tumors which can be treated by radiation therapy throughout the body. Furthermore, the technology was approved by the FDA to be used in prostrate and post operative prostrate cancer patients. Another thing that makes Calypso Medical attractive to investors is because of the strategic partnerships the company has made with some of the major companies in the medical industry, which include Siemens, Elekta Corporation, Varian Medical Systems, and others.
Proceeds from the funding will go to finance Calypso’s expansion both domestically and internationally. Along with expansion, this round of funding will also go to fund the development of new products for clinical indication of tumors as well as the continued integration of these products with Calypso’s proprietary technology, the Calypso System platform with other radiation therapies.
The Calypso System is based on the company’s platform, the GPS for the Body, which uses Beacon transponders to provide some of the most accurate information where tumors are in the body during an external radiation beam when a patient with the implanted Beacon transponders undergoes radiation therapy. The main problem with traditional radiation therapy, is that should a patient move slightly, the radiation beam could miss the tumor and radiate some healthy tissue instead. These transponders aim to eliminate that problem, by enabling the radiation beam to target the tumor, even when the patient moves.
According to the Managing Director of Skyline Ventures, John Freund; the team at Skyline believes that the proprietary technology which Calypso Medical has can potentially revolutionize the way radiation therapy can be implemented in the future. In all cases of cancer treatments using radiation, location of the tumor is critical in successfully treating the cancer and not damaging healthy tissue. Use of the Beacon transponders to constantly locate the tumors will simplify the radiation therapy and make the treat all that much more effective. Calypso’s technology platform allows for oncologists to increase the dose of radiation because the tumor is constantly on target.
According to Calypso’s president and CEO, Eric Meier; this new round of funding validates the value of the technology that Calypso has to offer in advancing radiation therapy by constantly targeting the tumor to be radiated. Furthermore, having a technology that can accurately target the tumor every time the patient moves, has excellent potential in the marketplace.
According to the second managing partner of Skyline Ventures, Glenn Reicin; the people at Skyline believe that the Calypso System, which is designed to accurately target tumors that are set for radiation therapy will grow in considerable importance when more oncologists discover that being able to constantly target the tumor and have more chance to target the tumor and not accidentally hit healthy tissue.
According to the general partner of Frazier Healthcare Ventures, Trevor Moody; being one of the founding investors of Calypso Medical, he is pleased to be able to jointly invest together with such first rate vc firms, such as Interwest Partners and Skyline Ventures.
Founded in 1997, Skyline Ventures is a vc firm that is well known in the United States and its specialty is making investments in companies who are in the healthcare industry and have a unique proprietary technology that has the potential to revolutionize the healthcare industry and disrupt the markets. Proving the dedication of Skyline Ventures is the fact that each of the vc firm’s principals holds either an MD or a PhD in the medical field. Other companies in Skyline’s portfolio include Acel Rx Pharmaceuticals, Advion, ARCA Biopharma, Dow Pharmaceutical Sciences, InteKrin Therapeutics, and others.
Founded in 1991, Frazier Medical Ventures is a leading investment firm that provides both venture funding and equity to companies in the healthcare industry in the United States. Frazier Medical Ventures has a mission to partner up with entrepreneurs who are diligent and want to build strong and enduring companies in the healthcare industry. Some other companies in Frazier’s portfolio include EBR Systems, Vivus, WIRB, Incontrol, Informed, Xoft, Zymo Genetics, and others.
For more information about Calypso Medical, click here.