ViewRay last week said it plans to raise up to $69 million in an initial public offering for its MRIdian system, which it bills as "the 1st and only MRI-guided radiation therapy system that images and treats cancer patients simultaneously."
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 IPO filing.
ViewRay in May 2012 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.
