Applied Computational Technologies, a Windber-based software developer, is preparing to close on a $1.5 million Series A round of angel investment, according to Jay McClatchey, vice president of business development.
The company will receive the new capital in a “rolling round,” or incremental contributions, as it prepares its trademark product, ProACTive, for licensing in the second half of 2009. “ProACTive very accurately simulates the flow of radiation in the body with incredible speed,” McClatchey says. Through a patented process, ProACTive will operate as a software engine inside radiation therapy systems used for cancer treatment.
According to McClatchey, ProACTive’s direct calculations will deliver the precision placement of radiation patterns associated with Monte-Carlo-based methods of statistical analysis. “That’s the gold standard that we are able to match,” he says. The breakthrough in the software, however, is its dramatic improvement in speed, as its modeling process achieves results at least 170-times faster than Monte Carlo simulation but without the statistical “noise.”
Using it, doctors will be able to modify radiation patterns during the period of treatment. This flexibility should enable more accurate and efficient applications of radiation doses. Typical treatment plans stick to the initial map for several weeks or months, even while a tumor may shrink or shift position.
The infusion of capital will enable the company to add a computational physicist to its four-person operation along with one or two consulting engineers during final preparation of ProACTive for the market. The company hopes to find an exclusive licensee in the $3.5 billion radiation treatment equipment market, which is dominated by such firms as Varian, Elekta, Siemens, Tomotherapy, and Accuray.
Located at the Windber Research Institute, next to Windber Hospital, Applied Computational Technologies works with a strategic partner in Pittsburgh, D3 Radiation Planning, a UPMC-affiliated firm that oversees the testing and clinical evaluation of ProACTive.
Source: Applied Computational Technologies, Jay McClatchey
Writer: Joseph Plummer
To receive Keystone Edge free every week, click here.
