|ViewRay's MRI-guided radiotherapy delivery device--Courtesy of ViewRay|
ViewRay is winding up for a global launch of its MRI-guided radiotherapy delivery device. Now it has $30 million in new financing to help get the job done.
The Cleveland company drew on a wide-ranging investor syndicate, including new investor Cowealth Medical Holding Co., a medical equipment distributor based in China. Existing investors OrbiMed Advisors, Kearny Venture Partners, Fidelity Biosciences and Aisling Capital also took part. Executives are also relying on some debt financing for this round, and that comes from Palo Alto-based Hercules Technology Growth Capital ($HTGC).
ViewRay CEO Chris Raanes said in a statement that attracting the interest of Chinese investor Cowealth "is a significant milestone" for the company. He added that ViewRay will treat its first patients with ViewRay imminently and plans to quicken its global marketing efforts, thanks to the new funding. ViewRay said that "five leading cancer treatment centers" around the world have already acquired its system.
The company's technology combines magnetic resonance imaging with radiation therapy delivery, essentially creating a supercharged cancer diagnostic and treatment tool. The imaging helps clinicians see the tumor target, watch where the radiation dose hits and shift course with where the radiation treatments are targeted based on changes in anatomy.
Duane Lee, Cowealth's president and CEO, noted in a statement that "MRI-guided radiation therapy is an essential advancement" in radiation oncology, and he argued that ViewRay "has both the technology and the team to bring it to fruition."
In March 2013, ViewRay closed the final tranche of a $45 million Series C round, which it slated at the time for ramping up for commercial sales and beefing up its sales, marketing and service teams.
- read the release
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