MORRISVILLE, N.C. — Sicel Technologies, a developer of implantable radiation sensors designed to help improve cancer treatment, has closed on $8 million in new financing.
Sicel raised the funds through the sale of bonds and due to investor interest was able to sell $1 million more than planned.
“The attraction of investors towards the prospects for the company’s miniature DVS sensor and their belief in the future of Sicel’s technology was boosted by the favorable domestic and overseas financing climate,” said Jonathan Gelles of Burton Advisers, a Sicel board member. “As such, the convertible bonds were oversubscribed by $1MM and closed more rapidly than initially projected. This cash infusion will further strengthen the company’s balance sheet and allow it to focus on product commercialization.”
Burton Advisers Ltd. acted as advisor to Sicel for the bond placement.
Sicel describes DVS as the “first permanently implantable, wireless, telemetric, radiation sensor for human use” in the United States. The miniscule sensor is implanted, and a wireless device is used to take readings.
In August, Sicel closed on $12 million in funding.
Sicel has developed implantable sensor technology that is designed to better measure and direct radiation treatment. The company recently received approval from the Food and Drug Administration to use the system for both breast cancer and prostate cancer treatments.
Charles Scarantino, MD, an oncologist at Rex Hospital, founded the company. Its technology is licensed from North Carolina State University.
According to Sicel, the DVS has an advantage over other technologies used to precisely locate tumors because it is the only product to measure radiation dosage. The company also has said that most cancer centers already have the technology needed to utilize the sensor.
The FDA granted approval for use of the DVS in breast cancer patients in April. Approval for use in prostate cancer cases was granted by the FDA in June.
An Honor For Company Founder
Also on Tuesday, Sicel said Scarantino had been elected a Fellow of the American Society for Therapeutic Radiology and Oncology.
Scarantino has been a member of the organization since 1978. He is also a member of the Executive Council of the Radiation Therapy Oncology Group (RTOG) and is chair of the Cancer Survivorship Program.
Scarantino is in private practice at the Rex Cancer Center in Raleigh.