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ViewRay Secures Series C Financing

Wed, 08/25/2010 - 1:37pm
Bio-Medicine.Org

CLEVELAND, Aug. 25 /PRNewswire/ -- ViewRay™, Inc., a privately held medical device company, has secured $20 million in Series C financing led by new investor Siemens Venture Capital (SVC) GmbH and joined by existing investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors. The funding is intended to move the ViewRay system, a unique image-guided radiation therapy system now in the late stages of development, through the process of commercialization and placement in major medical centers.*

The ViewRay system is designed to improve the accuracy of cancer treatments through a combination of simultaneous magnetic resonance imaging (MRI) and radiotherapy delivery. "MRI-guided radiotherapy has great potential, and we believe ViewRay has the technology and the team to bring it to fruition," said Ralf Schnell, CEO, Siemens Venture Capital.

"We are pleased to welcome SVC to our team, adding to the technology partnership with the Siemens MR business unit of Siemens AG," said Gregory M. Ayers, MD, PhD, ViewRay president and CEO. "The continuing commitment of our present investors is a testament to both the significant progress we have made in development of our system and the overall promise of MRI-guided radiotherapy."

* At this time, the ViewRay system is for nonclinical research use only. The Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine in St. Louis, Missouri, will soon become the first in the world to test the ViewRay system.

About ViewRay

ViewRay, Inc., of Cleveland, Ohio, is a privately held medical device company developing advanced radiation therapy technology for the treatment of cancer. Using MRI-guided radiotherapy, the ViewRay system is intended to provide continuous soft-tissue imaging during treatment. The system is being designed so that clinicians—for the first time—will be able to see where the actual radiation do

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