Radiology solutions provider Leo Cancer Care rakes in $65M
A medical technology company just raked in tens of millions of dollars to advance its upright radiotherapy solution.
Wisconsin-based Leo Cancer Care announced Wednesday it just closed a $65 million, Series D financing round. The company intends to put the funds toward scaling the manufacturing of its collection of upright radiology solutions, which include proton therapy, photon therapy and other imaging offerings designed to improve patient comfort.
The upright feature has been shown to reduce patient and organ movement, as well as improve reproducibility. Leo Cancer executives note their offering also is smaller and comes in at around half the price of traditional proton therapy systems. This allowsthe systems to be installed without significant infrastructure investments, which could increase access for patients in areas where the technology was previously unavailable.
“What began as a vision to improve radiation therapy has evolved into something much broader,” Stephen Towe, CEO and co-founder of Leo Cancer Care, said in a statement July 8. “For decades, the industry has tried to lower the cost of cancer care by making equipment cheaper and stripping out capability. Our treatment approach is the opposite — to reimagine how care is delivered, designed around the patient rather than the machine, so advanced treatment can reach communities that never had access before, without compromising quality."
Since 2018, Leo Cancer Care has raised more than $155 million from investors. This latest financing round was led by Silicon Valley’s Yu Galaxy, with additional funds from Eventide Asset Management. Leo Cancer also received additional dollars from its long-time investors.
“Leo Cancer Care is poised to revolutionize cancer treatment in more than 10 countries, with many installations the first in their region or country,” added PR Yu, founder of Yu Galaxy. “The upright radiotherapy and radiology technologies Leo has pioneered are lowering the cost and shortening the time of cancer treatment, and providing options that did not exist before for pediatric patients and patients of larger body size."
The company also has signaled that it is entering into a strategic partnership with a large international healthcare giant, though it has not disclosed who that partner is yet. This comes as Leo Cancer Care prepares for an initial public offering at the end of this year.
In addition to her background in journalism, Hannah also has patient-facing experience in clinical settings, having spent more than 12 years working as a registered rad tech. She began covering the medical imaging industry for Innovate Healthcare in 2021.