Pheton Holdings, a Chinese provider of treatment planning systems for cancer radiotherapy, raised $9 million by offering 2.25 million shares at $4, the low end of the range of $4 to $5. It originally filed in October 2023 to offer 2.5 million shares.
Through its Chinese operating entity, Pheton sells brachytherapy treatment planning systems (TPS) designed to kill cancer cells and shrink tumors. Its lead product, Feitian Treatment Planning Software (FTTPS) includes TPS made to treat a wide variety of malignant tumors, and is modifiable to enable features such as 3D printing. The company says that during an operation, FTTPS can determine the target volume, prescription dose, and dose limitation to protect organs at risk (OARs) and produce a safe, effective, and accurate dose distribution plan for brachytherapy for cancer patients.
The Beijing, China-based company was founded in 1998 and booked $0.6 million in revenue for the 12 months ended December 31, 2023.
Pheton Holdings plans to list on the Nasdaq under the symbol PTHL. Cathay Securities acted as sole bookrunner on the deal.
