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Culver City-based Avenda Health, which developed a laser heat therapy platform targeting prostate cancer and related conditions, had two key developments last month.
In the year On August 9, the company announced that the US Food and Drug Administration had granted approval for a randomized clinical trial of its laser ablation technology to treat prostate cancer.
Then, on Aug. 25, the company announced it had raised $10 million in Series B funding led by Chicago-based venture capital firm VCapital.
Both are key stepping stones on the road to commercializing laser heat therapy for the treatment of prostate cancer.
Avenda Health was launched in June 2017 by three UCLA faculty members. Two of the co-founders — Brittany Berry-Pusey and CEO Shyam Natarajan — were co-founders of the UCLA Business Science Center, started by the late businessman and innovator Roy Domani. A third co-founder, Chief Medical Officer Leonard Marks, is a professor of urology at UCLA’s David Geffen School of Medicine.
The trio wanted to develop laser ablation technology to treat prostate cancer that could be applied in an outpatient setting. The technology involves the use of a laser needle and thermal optical sensor to precisely target and treat soft tissue. The increased accuracy reduces urinary incontinence and sexual dysfunction, two common side effects of radiation or chemotherapy treatments for prostate cancer.
In developing the laser system, Avenda recognized the need to precisely map the target prostate cancers. They developed a 3D map that uses artificial intelligence algorithms and probabilities to create a cancer zone map that can then be used to guide treatment. Both can be used on an outpatient basis.
FDA approval includes the release of a diagnostic tool to allow these two technologies to be used together in a randomized controlled trial. The goal is to demonstrate a higher success rate for treating prostate cancer with fewer harmful side effects than conventional chemotherapy or surgical techniques.
“Our mission is to advance the treatment of prostate cancer so patients no longer have to choose between treatment or quality of life,” Natarajan said in the company’s announcement.
“Using the latest deep learning technology, iQuest provides additional insights for physicians and their patients to identify the best treatment on an individual basis,” added Natarajan. “We are thrilled to receive IDE’s license to help millions of men with prostate cancer research every year.”
According to the announcement, if the clinical trial is successful, it could lead to the first FDA approval of a local treatment therapy for prostate cancer in more than four decades.
Last year, Avenda received a breakthrough device designation from the FDA for its laser removal system; This designation indicates that the agency believes that the technology has a high probability of being better than the current state of the art.
A $10 million funding round announced on August 25 will help Avenda complete its randomized clinical trial.
ViCapital partner Ryan Cole said in the announcement that Avenda’s focus on improving men’s health was one of the reasons it took the lead role in the financing round.
“We are thrilled to be a part of Avenda Health’s journey to make incredible strides in the future of prostate cancer care,” said Cole. “Investing in something meaningful, innovative and valuable in men’s health is something VCapital is proud of.”
The company said the $10 million in new capital will be used to expand the use of its 3D mapping platform and continue the development of clinical evidence. This brings the company’s total raised to $19.3 million, following on from its previous fundraising of nearly $9 million.
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