A Cleveland area startup is looking to help doctors better treat cancer with an MRI-guided radiotherapy system. And to aid in bringing this idea to patients, investors are backing ViewRay, which has closed the final tranche of a $45 million Series C round. Investors included Aisling Capital, Fidelity Biosciences, Kearny Venture Partners, OrbiMed Advisors and Siemens Venture Capital.
While the company will use the funds to prepare for a broad market launch, it also plans to beef up sales, marketing and service teams, CFO David Chandler told Crain's Cleveland Business. It has roughly 50 employees right now and hopes to hire 12 to 15 more, he added.
The ViewRay system is touted as the first comprehensive image-guided radiation therapy system, meaning it allows for a simultaneous radiotherapy delivery and continuous MRI, according to a statement. As MedCity News notes, the company's tech aids doctors in seeing where radiation is being delivered and takes into account the movement of internal organs. This benefit can prevent radiation from being delivered to healthy tissue.
The company already has had good news from the FDA, having received clearance for its treatment-planning and delivery software last year. It now is awaiting word from the agency on its integrated system.
The first ViewRay research system is undergoing final installation at the Siteman Cancer Center at Barnes‐Jewish Hospital and Washington University School of Medicine in St. Louis.