December 18, 2013 — ViewRay Inc., a privately held medical device company, secured $30 million in funding from existing equity investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors; new investor Cowealth Medical Holding Co. Ltd.; as well as with debt financing provided by Hercules Technology Growth Capital, a Palo Alto-based specialty finance company whose focus is providing senior secured loans to venture capital backed technology companies.
The funds are intended to support the worldwide commercialization of the ViewRay system, which has already been acquired by five cancer treatment centers worldwide.
The ViewRay system is designed to improve the accuracy of cancer treatments through a patented combination of simultaneous magnetic resonance imaging (MRI) and radiation therapy delivery. With continuous soft-tissue imaging, clinicians can clearly see the cancer target, monitor where the actual radiation dose is being delivered and adapt to changes in the patient's anatomy all in real time, providing a more precise and personalized cancer treatment option.
"We are confident that the ViewRay system will change the radiation oncology landscape," said Duane Lee, president and CEO, Cowealth. "MRI-guided radiation therapy is an essential advancement in this field and ViewRay has both the technology and the team to bring it to fruition."
"As we look forward to expanding our international presence, partnering with a Chinese investor is a significant milestone," said Chris Raanes, president and CEO, ViewRay. "The continued backing of past institutional investors, in addition to this new funding from Cowealth and Hercules, is a testament to the strength of this technology. We expect the first patient to be treated on the ViewRay system imminently, and with the support of our investors, we are excited to accelerate the deployment of the system globally."
For more information: www.viewray.com