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ViewRay raises $50m

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ViewRay (NSDQ:VRAY) said today it raised $50 million in a new direct offering to support ongoing commercialization of its MRIdian linear accelerator technology and further research & development.

In the offering, the Cleveland, Ohio-based company floated approximately 8.4 million shares of its common stock at $5.95 per share, while affiliates of the company paid $6.44 per share. Both existing and new investors joined the round, with one unnamed new investor now owning 9.9% of the company’s outstanding shares.

“We are excited to complete this financing, which will enable us to continue investing in sales, marketing, and production to meet the growing demand for the MRIdian Linac This significant investment provides further validation of our belief that MRIdian Linac will lead to a new standard of care in radiation oncology,” prez & CEO Chris Raanes said in a press release.

Proceeds will support commercialization efforts for the company’s MRIdian device as well as R&D, continued product development and general corporate purposes, the company said.

In February, ViewRay said it won FDA 510(k) clearance for its MRIdian Linac system and released its preliminary earnings for the 4th quarter and full fiscal year 2016.

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