Michaelson Capital Partners, LLC today announces its portfolio company, ProTom International Holding Corporation (www.protominternational.com), has received a commitment for an additional $30.0 million investment by the end of June 2017, of which $10.0 million has been funded through March, 2017.
This capital investment is the latest round of funding for ProTom, a proton therapy technology company offering focused proton therapy treatments to cancer patients through its Radiance 330® Proton Therapy System. Since 2015, a total of $60.0 million has been invested into ProTom, which is based in Flower Mound, Texas.
For the first time, an advanced and affordable scanning-beam proton therapy machine is being installed in an existing and continually operational radiation oncology facility at Massachusetts General Hospital (MGH) in Boston. MGH is a world leader in advanced radiation oncology. The Radiance 330® enables the facility to share clinical staff, ancillary equipment and patient support areas. The installation is expected to be operational in late 2017.
John Michaelson, managing partner of Michaelson Capital Partners, said "ProTom's Radiance 330® is a disruptive technology that significantly reduces the cost of proton therapy treatment while improving outcomes and patient quality of life. Since we purchased the company in August 2015, ProTom's progress has been phenomenal and I thank ProTom's CEO, Steve Spotts, and his stellar management team for building a world-class company and product line. Our team is grateful for the continued commitment and support of MGH and our outstanding and supportive financial partners."
"ProTom continues to demonstrate that the Radiance 330® is a next generation solution for advanced proton therapy treatment for cancer patients," said Spotts. "We are very excited about the commitment of our partners in Michaelson Capital and the equity investors in our company and the opportunities to provide a cost-effective solution to MGH in our united fight to treat cancer. We look forward to expanding the use of our proprietary technology throughout Asia and the U.S."
All of ProTom's medical device operations, including manufacturing, development, service, and proton therapy projects are currently managed and operated in the United States.
About Michaelson Capital Partners
Michaelson Capital Partners (www.michaelsoncapital.com) provides customized growth financing to entrepreneur-led technology and medical equipment companies.
