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 http://www.viewray.com.

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