Belgian company IBA (Ion Beam Applications S.A.), a provider of proton therapy solutions for the treatment of cancer, is leading a round of capital investment in HIL Applied Medical, Ltd. (HIL), a private Israeli developer of laser-based proton therapy systems.
HIL is applying a novel, patented approach to particle acceleration and delivery, combining nano-technology with ultra-high-intensity lasers and ultra-fast magnets. According to the company, this potential technological breakthrough could enable a meaningful reduction in the size and cost of proton therapy systems without compromising clinical utility.
IBA has invested $2 million, and is leading HIL’s series C round, together with co-leader OurCrowd and several of HIL’s investors from previous rounds. Alongside this investment, IBA and HIL have signed an OEM agreement which gives IBA the right to purchase HIL’s laser-based proton accelerators for the purpose of integrating them into proton therapy solutions.
IBA CEO Olivier Legrain said, "We are excited to be working with HIL to bring a highly novel approach to particle acceleration based on high-power lasers. IBA has been engaged in a global review of technological advancements that have the potential to further significantly reduce the size and cost of proton therapy systems, thereby allowing more patients to access proton therapy. We look forward to providing updates on the progress of this collaboration."
HIL Applied Medical, Ltd. CEO Sagi Brink-Danan said, "We are delighted to form this collaboration with IBA, the leading provider of proton therapy solutions. IBA’s injection of funding will allow us to accelerate the development of our novel, patented approach to particle acceleration, based on high-power lasers and nanotech targets. We are in R&D mode, it’s still quite a few years away from commercialization, but we believe we will be able to reduce the size and cost of proton therapy systems without compromising clinical utility, thus making this ground-breaking treatment available to many more patients."
HIL Applied Medical, Ltd. is a privately held company founded by Yissum, the technology transfer company of the Hebrew University of Jerusalem, Israel’s Office of the Chief Scientist, and private investors. The company is headquartered in Jerusalem.
IBA is a global medical technology company focused on bringing integrated and innovative solutions for the diagnosis and treatment of cancer. It is headquartered in Belgium and employs about 1,300 people worldwide. It is listed on the Euronext exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016