News | December 02, 2013

Nanovi Secures Funding for BioXmark Injectable Tissue Liquid Marker in Radiotherapy

Raising Radiotherapy Standards and Improving Treatment of Patients With Cancer

December 2, 2013 – Nanovi’s first product, BioXmark, is an injectable tissue liquid marker, used to improve accuracy in the radiation treatment of patients with cancer. BioXmark has the potential to increase radiotherapy quality with minimal changes in today’s procedures and equipment. It will be available for commercial use in Europe around 2015 with clinical data to document its benefit.

“We have followed Nanovi over some time and are pleased to see it progress as planned” says Jón Ingi Benediktsson, Investment Manager, SEED Capital.

SEED Capital invested in Nanovi earlier this year and Vækstfonden has just joined in a second closing. Nanovi has obtained support for a fully funded plan to proof-of-sale for its first product. The first committed investment of EUR 0.6 million will bring Nanovi to a proof-of-concept for BioXmark.

“We are excited about the investment in Nanovi as its technology is on the forefront of innovation in a field with high needs of new solutions that can improve radiation therapy. Furthermore, the Nanovi team is very experienced and competent” says Jesper Roested, Investment Director, Vækstfonden.

The sales potential for BioXmark is EUR 100 million, in a market that can be served by a very small focused sales force. The potential of Nanovi’s new technology reaches into a much larger market exceeding a potential of EUR 10 billion. The number of radiotherapy procedures performed worldwide, in which a marker will have a relevant impact on the outcome of treatment, is roughly 1 million therapy procedures per year. About half of the procedures are performed in patients with prostate and lung cancer, distributed about the same between patients with these two types of cancer. The other half of the treatment procedures are conducted in patients with other forms of cancer.

“We are very pleased to have secured good investors on board with a plan to fund the company the entire way to proof-of-sales. It allows us to focus on developing our company.” says Morten Albrechtsen, CEO and co-founder. 

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