Chris Newmarker

December 17, 2013

2 Min Read
MRI and Radiation Therapy Combo Garners $30M Investment

Investors apparently like the potential for the ViewRay system -- a combo of simultaneous MRI and radiation therapy delivery that has already been acquired by major five cancer treatment centers worldwide.

Cleveland-based ViewRay announced Tuesday that investors are pouring another $30 million into the company in order to support the worldwide commercialization of the ViewRay system.

Money came from existing equity investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners, and OrbiMed Advisors. There was also a new investor, Cowealth Medical Holding Co., and debt financing provided by Hercules Technology Growth Capital, a Palo Alto, CA-based specialty finance company for venture capital-backed companies.

ViewRay system

The ViewRay system's patented combination of MRI and radiation therapy allow for continuous soft-tissue imaging. The idea is that clinicians can clearly see the cancer target in real time, and monitor where the actual radiation dose is being delivered

"We are confident that the ViewRay system will change the radiation oncology landscape," says Duane Lee, Cowealth president and CEO.  

ViewRay describes on its website how the system has features including a rotating gantry assembly with three Cobalt-60 teletherapy heads and three multileaf collimators,  a split-magnet MRI system for volumetric and multiplanar soft-tissue imaging, a laser positioning system to facilitate initial patient setup, and integrated treatment planning and delivery software.

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