Israeli oncology company Alpha Tau Medical Ltd. is in the last stages of raising an investment of several tens of millions of dollars, one person familiar with the matter told Calcalist on condition of anonymity. The round is expected to close by the end of the month, that person said.
Alpha Tau raised $25 million to date.
Cancer tumor (illustration). Photo: medscape
Founded in 2016 and headquartered in Tel Aviv, clinical-stage Alpha Tau uses alpha radiation to treat various types of solid tumors. The technique, called Alpha DaRT (Dіffusіng Alpha-emіtters Radіatіon Therapy), was developed by two Tel Aviv University professors, Yona Keisari from the faculty of medicine and Itzhak Kelsonfrom the physics department. It targets cancer cells by inserting a seed containing Radium-224 atoms into the tumor. Radiation particles are then released when the radioactive substance decays inside the tumor, killing the surrounding cells.
On Tuesday, Alpha Tau announced its technology has been approved by the Massachusetts Radiation Control Program (RCP), enabling it to initiate clinical trials in cancer centers across the U.S. The company has already conducted early stage clinical trials in Israel and Europe.
Alpha Tau's chief operating officer Amnon Gat has relocated to the U.S. a few weeks ago to its operations in the country, and the company is currently in the process of establishing a U.S. production facility, anticipating demand for the treatment.
In January, Alpha Tau partnered with Japanese medtech company HekaBio K.K. to form a joint venture called Alpha Tau Medical K.K. The companies are testing the technology in Japan and planning to release radiation therapy equipment in the country as early as 2021, according to a Tuesday Nikkei Asian Review report.