This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ViewRay™ Closes A $30M Financing To Expedite Commercialization Of Its MRI-Guided Radiation Therapy System

CLEVELAND, Dec. 17, 2013 /PRNewswire/ -- ViewRay™ Incorporated, a privately held medical device company, has 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 (TT: 4745), as well as with debt financing provided by Hercules Technology Growth Capital (NYSE: HTGC), 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 leading 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, Cowealth president and CEO.  "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 A. Raanes, ViewRay president and CEO. "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." About ViewRay

ViewRay Incorporated of Cleveland, Ohio, is a privately held medical device company developing advanced radiation therapy technology for the treatment of cancer. The ViewRay system provides continuous soft-tissue imaging during treatment, using MRI-guided radiotherapy, so that clinicians are able to see where the actual radiation dose is being delivered and adapt to changes in the patient's anatomy. For more information, visit ViewRay is a trademark of ViewRay Incorporated.

ViewRay acknowledges the contribution of the State of Ohio, Department of Development and Third Frontier Commission, which provided funding in support of the MRI Technology Enabling Expansion of MRI into Radiotherapy Guidance Project.

SOURCE ViewRay Incorporated

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs