Waltham, MA-based medical device company Augmenix has allegedly sealed up $4.7 million of a planned $7.5 million round of funding this week, according to Mass High Tech. The company, while still rather under the radar given its sparse website, sounds promising: begun by serial life sciences entrepreneur Amar Sawhney, it is developing space-filling hydrogels to be used for radiation oncology and cancer surgery. The first product will be a synthetic tissue spacer designed to block normal tissue from receiving radiation delivered to prostate tumors. What could this mean? More effective treatments? Less harmful side effects? Even reduced cost if treatment is targeted??
Sawhney is well-known in the Mass. biotech industry for developing the hydrogels, water-based polymers designed to react in the body to seal wounds or deliver drugs, and then dissolve in days. They are also currently being used by I-Therapeutix Inc. (another company he founded) to develop an ocular bandage.
Pretty smart, no? Now, which one will take off first…?
http://www.masshightech.com/stories/2009/07/20/daily40-Startup-Augmenix-seals-up-47M-in-funding.html