Minneapolis-based HistoSonics develops a novel sonic beam therapy. This uses histotripsy, which mechanically destroys and liquified unwanted tissue and tumors at sub-cellular levels. It develops the non-invasive Edison platform that combines imaging with proprietary sensing technology to deliver beam treatments.
Edison, currently not for sale, is intended for use in the destruction of liver tissue. The company expects marketing authorization from the FDA in 2023.
HistoSonics said in a news release that it plans to use proceeds from the financing to support Edison. That includes its anticipated commercial launch, additional clinical trials and expanded application development.
With Johnson & Johnson Innovation leading the round, HistoSonics also saw participation from existing investors. That list includes Venture Investors, Lumira Ventures, Yonjin Venture, and the State of Wisconsin Investment Board, among others.
Concurrently, HistoSonics secured a commitment for a $15 million expansion of its existing debt facility with Signature Bank. The company may use that to accelerate strategic projects, it said.
Mike Blue, President and CEO of HistoSonics, commented, “These financings are an extraordinary vote of confidence in our team, as well as the novel platform and solution we have developed to transform experiences for patients and physicians who deal with the many challenges associated with significant disease, starting in the liver.”
Additional news from HistoSonics
HistoSonics also announced the appointment of Erica Rogers to its board of directors.
Rogers serves as president and CEO of Silk Road Medical. She brings decades of leadership and experience in medtech, HistoSonics said.
Most recently, she led Silk Road Medical from an early-stage startup to growth with a successful IPO in 2019.
“I have been following HistoSonics’ progress for years and believe that histotripsy offers a unique non-invasive solution capable of addressing a variety of significant unmet clinical needs,” said Rogers. ‘I look forward to being a part of the HistoSonics team, helping to ensure the Edison platform reaches its full potential to treat patients with significant disease across global markets and a broad number of care settings.”