Calypso Medical raises $50M for 'GPS system for the body' |
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Calypso Medical raises $50M for 'GPS system for the body'
In one of the largest venture financing deals in the state this year, Calypso Medical Technologies has raised $50 million for a new technology that tracks the location of prostate tumors during radiation therapy.
The technology, which is in use at more than 75 cancer centers throughout the country, allows doctors to more accurately deliver treatment to affected areas without damaging healthy tissue. That's why the company likens the technology -- which uses small beacons to guide the physician -- to a "GPS for the body."
The deal was led by Frazier Healthcare Ventures and Skyline Ventures, with Bay City Capital, InterWest Partners and others also participating.
"Calypso allows radiation oncologists to increase the dose delivered to the tumor while decreasing unwanted side effects, for a fraction of the cost of a new linear accelerator," said Skyline's John Freund in a statement.
The investment provides a nice shot in the arm to the Seattle life science industry, and certainly will have a dramatic impact on the third quarter venture numbers. With this deal included, the state is poised to pass the previous two quarters in terms of venture financing amounts.
Calypso, which is not yet profitable and employs 125, cut 36 employees last year. The company said it will use the new funding to supports its commercial expansion and integration with radiation therapy techniques.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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