ViewRay today set the terms for its pending initial public offering, saying it plans to float 4 million shares at $12 to $14 apiece.
At the midpoint of the range, the MRI-guided radiation therapy maker’s IPO would fetch $52 million.
That’s well under the $69 million target Oakwood Village, Ohio-based ViewRay set last month in its initial IPO filing. ViewRay said it plans to list on the NASDAQ exchange under the "VRAY" ticker symbol.
Oakwood Village, Ohio-based ViewRay’s MRIdian uses magnetic resonance imaging and Cobalt-60 radiation therapy to "locate, target and track the position and shape of soft-tissue tumors while radiation is delivered," according to the filing.
In May 2012, ViewRay won 510(k) clearance from the FDA for the MRIdian device, which won CE Mark approval in the European Union 2 years later, according to the filing.
ViewRay said its strategy is to make MRI-guided radiotherapy the standard of care by targeting top-tier hospitals using a targeted U.S. sales force and overseas distributors.
In December 2013, ViewRay raised a $30 million funding round from backers including new investor Cowealth Medical Holding and previous investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors.