Seattle-based Calypso Medical Technologies has raised $44 million in venture capital, making it the largest amount raised by a Washington-based...

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Seattle-based Calypso Medical Technologies has raised $44 million in venture capital, making it the largest amount raised by a Washington-based company in more than a year.

The previous high came in April 2004, when Seattle-based Corus Pharma, which is developing drugs for cystic fibrosis and severe asthma, raised $65 million, according to VentureOne, a San Francisco-based research firm.

Calypso Medical is developing an implantable sensor that pinpoints the location of tumors before the patient receives radiation. The sensors are tracked by a system also being built by Calypso.

The company said more than 1 million patients receive radiation treatment in the U.S. every year.

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The technology is under clinical investigation for the treatment of prostate cancer.

The $44 million comes in the third round of capital Calypso has raised. The round was led by Arnerich Massena & Associates and BB Biotech Ventures. New investors are Mitsui & Company Venture Partners, Merlin BioMed Group and Rockport Ventures.

All previous Calypso investors, including Frazier Healthcare Ventures and Integra Ventures, also contributed.

Calypso said it will use the money for working capital as it completes its investigation and takes its product to market, pending regulatory approval.

“We are pleased to have completed this important financing round and have the support from world-class investors and clinical advisers who understand the unique capabilities of our platform to enable new levels of precision radiation therapy,” Calypso Chief Executive Eric Meier said in a statement.

Calypso, founded in 1999, raised $28 million in its second round three years ago and $8.5 million in 2000.

Tricia Duryee: 206-464-3283 or tduryee@seattletimes.com