RefleXion Raises $100 Million for Cancer Treatment Commercialization

Funding Continues Momentum of Recent FDA Clearance and First System Order

HAYWARD, Calif., April 16, 2020 – RefleXion Medical, a therapeutic oncology company
pioneering the use of biology-guided radiotherapy (BgRT) for all stages of cancer, today
announced the close of a $100 million equity financing led by Public Sector Pension Investment
Board (PSP Investments), one of Canada’s largest pension investment managers that focuses
on long-term investments with partners demonstrating strong value orientation strategies.


“RefleXion’s bold vision for the future of cancer care stands to completely reshape how physicians think about treating patients with stage 4 cancer,” said Loïc Julé, managing director, Global Investment Partnerships Portfolio, PSP Investments.“This is exactly the mindset of companies we strive to build long-term relationships with. We are thrilled to support RefleXion during this next phase of their growth as they ramp up market and clinical adoption of this groundbreaking technology.”

RefleXion’s existing investors, TPG’s The Rise Fund, KCK Group, Sofinnova Partners, Venrock, T. Rowe Price, and global pharmaceutical leaders, Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc., all participated in the round. BofA Securities and Morgan Stanley & Co., LLC acted as placement agents for the company.

“This new influx of capital continues our momentum initiated first by FDA clearance of the RefleXion™ X1 platform last month, then quickly followed by the close of our first system order at one of the world’s leading cancer centers,” said Todd Powell, president and CEO of RefleXion. “The support of this top-tier investment syndicate enables us to further scale operations around commercializing the X1 platform.
“Moreover, these funds allow us to validate the practical implications of using BgRT on a daily basis as we transform radiotherapy from early-stage cancer treatment to an option for patients with all stages of cancer,” continued Powell.

The RefleXion X1 machine with BgRT is designed to overcome the technical limitations that currently restrict radiotherapy to one or two tumors. When available, RefleXion will scale BgRT to treat all visible tumors, even those that move rapidly due to bodily functions such as breathing or digestion, in the same treatment session.
RefleXion recently announced FDA clearance for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT), and its first clinical and commercial client.


About RefleXion Medical

RefleXion is a privately-held company developing the first biology-guided radiotherapy system, a significant change in strategy from single tumor therapy to the ability to one day treat multiple tumors in the same treatment session in cancers that have metastasized. Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). The company is also developing BgRT, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location. The BgRT technology will synchronize these data with the linear accelerator to direct radiotherapy to tumors with subsecond latency.

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest
pension investment managers with CAD$168 billion of net assets as of March 31, 2019. It
manages a diversified global portfolio composed of investments in public financial markets,
private equity, real estate, infrastructure, natural resources and private debt. Established in
1999, PSP Investments manages net contributions to the pension funds of the federal Public
Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.
Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and
offices in New York, London and Hong Kong. For more information, visit


*The RefleXion™ X1 BgRT capability requires 510(k) clearance; this feature is not available for

Media Contacts:

Amy Cook

PSP Investments
Verena Garofalo