MORRISVILLE – CivaTech Oncology has raised more than $7.9 million in funding, in a mixture of equity financing and options or warrants, according to an SEC filing.
The filing, dated Nov. 19, indicates that the funding comes from 47 investors and that a New York firm, EuroConsult, Inc., will receive $159,000 in sales commissions. The company could raise up to $15 million, according to the filing.
The company most recently raised $15,000 in debt in 2017 following an equity raise of about $916,000 earlier that year, according to filings.
In September, the company’s treatment for a soft tissue cancer was highlighted in an article that appeared in the Journal of Surgical Research. The treatment is a bio-absorbable internal radiation implant that the company calls CivaSheet. A variant of CivaSheet, CivaDerm, was approved by the United States Food and Drug Administration (FDA) in 2019, which, at the time, was the third such device from the company to receive approval from the FDA.
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The company’s first product, CivaString®, received clearance from the FDA in 2013, and the company describes its use as for “localized solid tumors or residual disease,” noting on its website it began use treating prostate cancer. According to the company’s website, the second product, CivaSheet®, received FDA clearance in 2014 and “is the first commercially available brachytherapy device that has integrated radiation shielding built into the implantable device, making it more safe and allowing broader applications where previously risk of harming healthy tissue was problematic.”
