Ohio-based ViewRay Inc. is looked to widen its global commercial reach with new funds raised from both new and existing investors.
ViewRay touted $30 million in new funding that the privately held company plans to use to market its ViewRay MRI-guided radiation therapy system around the world.
The new raise included a pivotal partnership with China-based Cowealth Medical Holding Co Ltd, a new investor for ViewRay, as well as funds from previous investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors.
"As we look forward to expanding our international presence, partnering with a Chinese investor is a significant milestone," ViewRay president & CEO Chris Raanes said in prepared remarks. "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."
New investor Cowealth praised the ViewRay system, which has already purchased by 5 international cancer treatment centers. ViewRay in May 2012 won FDA 510(k) clearance to market the system in the U.S.
"We are confident that the ViewRay system will change the radiation oncology landscape," Cowealth president & CEO Duane Lee said on behalf of ViewRay. "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."