ABK Biomedical Secures US$35 Million Series D Financing to Advance Liver Cancer Treatment

Halifax-based medical device company ABK Biomedical, Inc. (“ABK Biomedical”) has raised US$35M in Series D financing to support the commercialization of its innovative liver cancer treatment.

Founded at Dalhousie University in 2012, ABK Biomedical specializes in the research, development and commercialization of medical device therapies designed to improve treatment outcomes and the lives of patients with benign and malignant hypervascular tumours. Dr. Daniel Boyd and Dr. Sharon Kehoe founded, engineered and patented the company’s microsphere technology.

Proceeds from the financing will fund ongoing clinical operations, advance commercialization efforts of Eye90 microspheres® and drive further product innovation and development. The U.S. Food and Drug Administration has granted Breakthrough Device designation to the Eye90 microspheres®, which enable multimodality imaging and controlled visual administration, an advancement improving the treatment of conditions of the liver. This designation is reserved for medical devices that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions.

The Series D round was led by new investor, J.P. Morgan Life Sciences Private Capital, with participation from existing investors F-Prime Capital, Santé Ventures, Eight Roads Ventures and an undisclosed medical device company. As part of its first investment in ABK Biomedical, J.P. Morgan Life Sciences Private Capital will also gain a seat on the company’s board of directors.

With this latest funding, ABK Biomedical continues to strengthen its position as a leader in diagnostic imaging and guided therapies.