CivaTech Oncology, which is utilizing proprietary technology to develop improvements in radiation treatment, has raised another round of financing.
The Durham-based startup disclosed raising $916,000 from nine investors, according to an SEC filing on Tuesday.
And CivaTech wants more, seeking another $2 million, the filing notes.
Last December, CivaTech raised $2.72 million from 28 investors.
The fundraiser came after the news in September that CivaTech had been awarded a contract worth as much as $2.3 million from the National Institutes of Health SBIR Fast Track program. The funding is for the first phase of CivaTech’s CivaSheet device as part of a “new, highly targeted radiation treatment device for patients with pancreatic cancer.” The FDA has already approved CivaSheet.
CivaTech raised $1.5 million in equity in a 2014 fundraiser.
The company also has won National Institutes of Health contracts for a means to treat lung cancer.
The Phase II contract it won in 2012 was for $1 million and was designated for the further development and commercialization of CivaSheet.
The device, which is bioabsorbable, is designed for direct administration of radiation in treatment of lung cancer.
CivaTech received a Phase I contract in 2010.
The company already has won regulatory approval for its CivaString product, which is designed for treatment of “localized” tumors.
North Carolina Business News Wire first reported the latest funding.
- VIDEO: Watch an overview of CivaTech’s technology at https://www.youtube.com/watch?v=2xlyoHa3q7s