TomoTherapy: Secures $7 Million Round of Funding
For Immediate Release
Ascension Health Contact:
Madison, WI – February 24, 2004 – TomoTherapy Incorporated announced today that the company has successfully completed a $7.0 million round of equity financing that included participation by Ascension Health Ventures, LLC (AHV) of St. Louis and the company’s current investors. TomoTherapy is a Wisconsin-based company that has developed a revolutionary new medical system to deliver conformal radiation therapy to cancer patients. AHV is the strategic venture investing subsidiary of Ascension Health, the largest nonprofit health system in the U.S.
The TomoTherapy Hi·Art System® is designed to target radiation treatment to the patient's tumor while helping to limit damage to the surrounding tissues. Using a ring design, the Hi-Art System delivers a sophisticated form of image-guided IMRT, or intensity modulated radiotherapy, and integrates treatment planning, patient positioning and treatment delivery in one system. The company received FDA clearance for the device in 2002.
"Improving cancer care in our System is a priority among our leaders and clinicians,” said John Doyle, president of Ascension Health Ventures. “To participate with the TomoTherapy team in the future development of this technology is exciting for Ascension Health."
“Our decision to purchase the TomoTherapy Hi·Art System was based on a careful evaluation of competing technologies offered by several radiotherapy vendors,” said Timothy Holmes, PhD, director of medical physics at St. Agnes Hospital in Baltimore, an Ascension Health facility. “It became obvious that the Hi·Art System is the next generation of external beam radiation treatment delivery. I am truly impressed with the design of the Hi·Art System and very grateful to be a part of the acquisition and implementation of helical tomotherapy at St. Agnes Cancer Center.” "We are pleased to have Ascension Health and their clinical teams involved in the implementation of the TomoTherapy technology across the country,” said John Barni, CEO of TomoTherapy. “The input of the Ascension Health clinicians will be very valuable as we continue to develop and improve this new, image-guided cancer treatment system. We intend to use this funding to accelerate such future growth opportunities.” In addition to the $3.0 million raised from AHV, several existing investors also participated in this round, including The Endeavors Group LLC, Avalon Technology LLC, Venture Investors, Open Prairie Ventures, and the State of Wisconsin Investment Board.
TomoTherapy Incorporated (www.tomotherapy.com) has developed a revolutionary new medical system to deliver conformal radiation therapy to cancer patients. The TomoTherapy technology was born out of collaboration with the University of Wisconsin. TomoTherapy is headquartered in Madison, Wisconsin, where it employs about 110 people.
About Ascension Health Ventures
Ascension Health Ventures, LLC (www.ascensionhealthventures.org) was launched in 2001 as a wholly-owned subsidiary of Ascension Health. AHV provides strategic venture funding to companies that offer innovative new products, services and technologies that will help Ascension Health's ministries serve their communities and transform the future of healthcare. AHV considers investment opportunities that offer operational, clinical or financial benefits in priority areas for Ascension Health's hospitals and other facilities.
About Ascension Health
Ascension Health (www.ascensionhealth.org) is a Catholic health ministry dedicated to improving access and delivering quality care particularly to those persons who are poor and vulnerable. This commitment is demonstrated by the $537 million provided for community benefit and care of the poor last year. With national offices based in St. Louis, Missouri and assets of $11 billion, this healthcare leader is the nation's largest nonprofit health system and has more than 100,000 associates working in health facilities in 20 states and the District of Columbia.