- RAYDIAX, a Magdeburg spin-off of the STIMULATE research campus, secures a total of €3.5 million in seed funding and grants
- The capital will be used to advance the development of RAYDIAX's assistance system for image-guided, minimally invasive cancer interventions up to the pre-clinical prototype and to accelerate market development in Europe and the US
- Investors in the seed round include High-Tech Gründerfonds (HTGF), bmp Ventures with the IBG funds and experienced business angels. In addition, RAYDIAX receives public funding from the German Federal Ministry for Economic Affairs and Climate Action (BMWK)
- RAYDIAX is aiming to significantly expand the use of minimally invasive therapies with the launch of the therapy assistance CT "TACT", addressing demographically driven challenges in healthcare
- Minimally invasive therapies in many cases offer the potential to deliver cancer treatments on an outpatient basis rather than an inpatient setting; with this increase in the number of outpatient cases the burden on hospital structures is relieved.
RAYDIAX, a spin-off of the STIMULATE research campus/ Otto-vonGuericke-University Magdeburg, is developing an image assistance system based on the principles of computed tomography for use in minimally invasive cancer treatments. The company secures €3.5 million in fresh capital to advance the development of the preclinical prototype and prepare for market entry in Europe and the USA. A seed round of €2.4 million is led by HTGF and bmp Ventures with IBG funds. In addition, RAYDIAX will receive €1.1 million in funding through a top-up of an “EXIST: transfer of research” grant from the German Federal Ministry for Economic Affairs and Climate Action (BMWK).
Dr. Thomas Hoffmann, CEO and co-founder of RAYDIAX: "We pursue the goal of sustainably strengthening cancer therapy through high-tech medical technology. Minimally invasive image-guided interventions offer numerous advantages for patients. With our targeted image-assistance system TACT, we are unleashing a completely new potential that will significantly expand the range of applications of these very gentle interventions, benefiting in particular patients for whom surgical cancer treatment appears to be too risky. With the closing of this financing round, we are in an optimal position to further develop our system in close coordination with our clinical partners, to accelerate market entry and to drive business growth."
Minimally invasive therapies in cancer care
Cancer is among the leading causes of death worldwide, and even number one in wealthy countries. Open-surgical therapies are often too risky and thus unsuitable for treating very old patients in poor general health conditions. Minimally invasive therapies are a promising form of treatment for this patient group. In this type of therapy, millimeter-thin surgical instruments are inserted through the skin into the tumor under image guidance. A local application of energy leads to the death of the malignant cells. Due to the low degree of injury, patients can recover more quickly, hospital stay times are significantly shortened, thus saving costs, and additional treatment capacity is created.
Establishment of a new product category: therapy assistance computed tomography
The particular challenge with this form of therapy is to place the instruments with sub-millimeter accuracy in a pre-planned surgical area so that the energy input can be targeted in the tumor. With the TACT, RAYDIAX is developing an imaging device which for the first time provides assistance with therapy planning, execution and monitoring within a dedicated overall system. The requirements for the system were defined by numerous physicians in Germany and Europe. The imaging itself centres on the principle of X-ray-based computed tomography. The RAYDIAX system is characterized by a minimized use of X-rays, resulting in patient-friendly care and safer work conditions for clinical staff.
Dr. Jan Engels, Investment Manager at “High-Tech Gründerfonds” HTGF: "RAYDIAX's development of the TACT is a clear look into the future of minimally invasive cancer surgery. It takes courage and a great deal of expertise to develop a highly complex large-scale medical product. These are precisely the qualities that RAYDIAX's founding team combines, and we see clear potential."
Philipp Kopp, Investment Manager at bmp ventures: "As a deep-tech investor, we were particularly impressed by the profound scientific basis of RAYDIAX's approach and the outstanding technical expertise of the founding team. We see a clear medical need in interventional radiology, which the company addresses with its TACT system."
Science transfer through long-term research funding
RAYDIAX is a spin-off of the Magdeburg STIMULATE research campus. The renowned research center for minimally invasive image-guided therapies provides the ideal environment for device and company development.
Prof. Dr. rer. nat. Georg Rose, Chairman of the Board of “STIMULATE research campus”: "We are very proud that with RAYDIAX another high-tech medical technology company could be established in Magdeburg. The basis for such developments is the constant research support in the field of imageguided medicine at the STIMULATE research campus over the past 10 years. I am particularly pleased that the team of five former scientists and research group leaders is now taking the opportunity to transfer the results of the recent years into clinical application. We are very pleased that the long-term commitment of the Otto-von-Guericke-University, the city of Magdeburg, the state of Saxony-Anhalt, and the Federal Government makes such economic developments possible."
Source: RAYDIAX GmbH