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Biotech Deals Alert

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Leo Cancer Care, the maker of radiation therapy devices for cancer patients, has raised $40 million led by Catalio Capital Management.

Why it matters: With its system, the U.K. company hopes to reduces the size, cost and complexity of proton therapy.

What's next: The financing will support the commercialization of Leo's upright radiotherapy system, which got FDA clearance in July. 

Follow the money: Other backers were not disclosed, but Catalio senior analyst Nicholas von Guionneau says a mix of new and returning investors participated.

Leo has raised more than $140 million to date from firms like Cone Health, EDBI and Mana Ventures, per PitchBook.

How it works: Leo's first device, Marie, is an upright patient positioning system and CT scanner for proton therapy.

It replaces the current gantry rotation method with patient rotation, and patients sit upright in the device, rather than laying down flat.

Marie is currently being installed at U.S. cancer centers, with patient treatments anticipated by the end of the year.

What we're watching: Leo plans to unveil a new photon therapy product at the American Society for Radiation Oncology later this month.

State of play: As the number of newly diagnosed cancers per year grows, next-generation radiation machine companies are proliferating.  

Reflexion, a Hayward California-based maker of radiation therapy machines, raised a $105 million Series F round at a $1.31 billion valuation in 2023, per PitchBook.

Israel-based P-Cure makes a gantry-less proton radiation technology that treats seated and horizontal patients in linear accelerator vaults. It last raised $15 million in 2019, per PitchBook.

Catch up quick: New York-based Catalio has been an active biotech dealmaker this year, telling Axios Pro last month that it had plans for more transactions.

The firm invested up to $30 million in the merger of Community Direct DX, Scienetix, and the R&D division of Advanta Genetics in August.

The same month, Catalio provided a $20 million credit investment to Wilmington, Delaware-based digital health company Amalgam Rx.

Exclusive: Leo Cancer Care raises $40M for next-gen radiation therapy

The U.K. company hopes to reduces the size, cost and complexity of proton therapy.

Leo Cancer Care's Marie radiation therapy device

Leo Cancer Care's Marie radiation therapy device. Image: Leo Cancer Care

Leo Cancer Care, the maker of radiation therapy devices for cancer patients, has raised $40 million led by Catalio Capital Management.Why it matters: With its system, the U.K. company hopes to reduces the size, cost and complexity of proton therapy.

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Exclusive: Leo Cancer Care raises $40M for next-gen radiation therapy

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