ViewRay yesterday became the latest medical device company to scrap an initial public offering, withdrawing a flotation that would have raised $52 million for its MRI-guided radiation therapy technology.
Oakwood Village, Ohio-based ViewRay had planned to float 4 million shares at $12 to $14 apiece, trading under the "VRAY" symbol on the NASDAQ exchange.
ViewRay said it "may undertake a subsequent private offering," according to a regulatory filing.
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 a regulatory filing. In May 2012, the company won 510(k) clearance from the FDA for its MRIdian device, which won CE Mark approval in the European Union 2 years later.
The firm is the latest medical device company to postpone or cancel an IPO recently. In early April Infraredx officially withdrew an IPO it hoped would raise $56 million, citing "unfavorable market conditions."