Healthcare Industry News: Proton Therapy
News Release - March 17, 2009
Still River Systems, Inc. Secures $33 Million in Private FinancingLITTLETON, Mass., March 17 -- (Healthcare Sales & Marketing Network) -- Still River Systems, Inc., a provider of Proton Therapy solutions, announced today the closing of a private financing round of $33 million co-led by Venrock Associates and existing investor Caxton Health and Life Sciences, with participation by CHL Medical Partners.
Proceeds from this financing will accelerate the development of the company's Monarch250 Proton Therapy System. Still River Systems is committed to advancing the field of radiation treatment by providing an affordable and accessible Proton Therapy option for cancer patients. Still River Systems' current customers and industry partners include the Siteman Cancer Center at Barnes Jewish Hospital and Washington University School of Medicine in St. Louis, MO, one of 21 members of the prestigious National Comprehensive Cancer Network and scheduled to install Still River System's first Proton Therapy system this year. With unprecedented demand for Proton Therapy in recent years, other pending delivery sites include several of the most technologically advanced and influential providers in the radiation therapy community.
"Completion of this financing illustrates the investment community's confidence in Still River's business model and our ability to execute on our plan," said Marc Buntaine, Chief Executive Officer of Still River Systems. "Given today's economic environment, this strong financial support is a true endorsement of our growing leadership in the radiation therapy marketplace. We are pleased with the continued participation of our existing investors and warmly welcome our new investor partners, Venrock Associates and CHL Medical Partners." In conjunction with this financing, Dr. Anders Hove of Venrock Associates and Dr. Myles Greenberg of CHL Medical Partners will join Still River Systems' Board of Directors.
About Venrock Associates
Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. For more information, please visit Venrock's website at www.venrock.com.
About CHL Medical Partners
CHL Medical Partners is a premier venture capital firm dedicated to partnering with entrepreneurs and inventors to create and finance innovative biotechnology, molecular diagnostic, healthcare service and medical device companies. For more information, visit www.chlmedical.com.
About Still River Systems
Still River Systems, based in Littleton, Massachusetts, is dedicated to providing physicians, and their patients, access to high quality, cost-effective Proton Therapy solutions. Still River Systems is developing the Monarch250, an affordable, precise and compact Proton Therapy system for cancer treatment. The Monarch250 has not been cleared by the US Food and Drug Administration for clinical use. For more information on Still River Systems and the Monarch250 Proton Therapy System, please call 978-540-1500 or visit www.StillRiverSystems.com.
Source: Still River Systems
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