ABK Biomedical Secures $30 Million in Series B Funding to Advance Eye90 Microsphere Technology for Malignant Liver Tumors

VCBeat (WeChat ID: vcbeat) has learned that ABK Biomedical, a medical device company, recently announced the completion of a $30 million Series B financing round to support the research and development of its Eye90 microsphere technology. The round was led by F-Prime Capital and Varian Medical Systems.

ABK Biomedical is a medical device company headquartered in Nova Scotia, Canada. Since 2012, the company has been dedicated to innovating embolization therapies for the treatment of uterine fibroids, hypervascular tumors, arteriovenous malformations, and related conditions, striving to provide better therapeutic options for patients with hemangiomas.

It is reported that the company’s most advanced product is a microsphere named Eye90. The Eye90 microspheres utilize a proprietary radiopaque glass composition, enabling surgical visualization through fluoroscopy, X-ray, CT, and cone-beam CT imaging modalities. Furthermore, this product facilitates prognostic dosimetry for the treatment of liver tumors.

Mike Mangano, President and CEO of ABK Biomedical, stated, “Compared with the widely used yttrium-90 (90Y) microsphere technology in clinical practice, our Eye90 microspheres incorporate visual imaging and dose prediction capabilities, making them more advanced than 90Y. We hope that Eye90 microspheres will become a new therapeutic option for the treatment of malignant liver tumors.”

Research on the use of microspheres for tumor treatment began in the 1950s. In the 1990s, Chinese researchers also developed yttrium-90 (90Y) glass microspheres and conducted a series of clinical studies on their use in treating liver cancer. It is reported that the U.S. Food and Drug Administration (FDA) approved two products—90Y glass microspheres and 90Y resin microspheres—in December 1999 and March 2002, respectively.

Microsphere therapy is characterized by high energy, short half-life, pure beta-ray emission, and limited tissue penetration. Clinical evidence has demonstrated that 90Y microsphere therapy for malignant liver tumors offers significant efficacy, fewer adverse reactions, shorter hospital stays, and applicability in patients with portal vein tumor thrombosis. Consequently, 90Y microspheres have become a crucial modality for treating advanced malignant liver tumors, showing remarkable effectiveness particularly in the management of colorectal liver metastases and intermediate-to-advanced stage primary liver cancer.

It is understood that 90Y refers to an internal radiation therapy method in which resin or glass microspheres loaded with yttrium-90 (90Y), a beta-emitting radionuclide, are selectively injected into the hepatic artery. The 90Y microspheres become lodged in the tumor vasculature via blood flow, where the emitted radiation exerts cytotoxic effects on the target tumor and enhances immune cell activity, thereby inhibiting the proliferation of hepatocellular carcinoma cells in patients.

ABK Biomedical expects to conduct the first-in-human trial of Eye90 in 2020.

F-Prime Capital is a global venture capital firm headquartered in Massachusetts. Founded in 1946, the firm focuses on the healthcare and medical technology sectors. As one of the largest asset management institutions globally, it manages over $2 trillion in assets.

Varian Medical Systems is a medical device company headquartered in California, USA. As a world-leading manufacturer of medical equipment and software, the company is dedicated to treating cancer and other diseases by producing devices for radiation therapy, radiosurgery, proton therapy, and brachytherapy. Its flagship products are reportedly X-ray imaging tubes and digital detectors.

(Compiled by: Feng Yutong)