ViewRay Incorporated Closes $15M Tranche of Series B Financing and Announces Partnership with Siemens AG

Source: Healthcare Finance News

ViewRay Incorporated, a medical device company, announces the close of the second tranche of their $25M Series B financing. Funding was triggered by the company's achievement of a major milestone towards the development of their image guided cancer therapy device, the Renaissance System. The financing was led by OrbiMed Advisors and Fidelity Biosciences, and was joined by Aisling Capital and Kearny Venture Partners.

"These funds will allow us to continue developing our novel radiation therapy device for the treatment of cancer patients. We believe our system's simultaneous real-time volumetric imaging may provide a tremendous clinical advantage over systems in use today," said Dr.

James F. Dempsey , founder and inventor of the technology, and Chief Scientific Officer of the company.

Additionally, the company is announcing that it has entered into an exclusive development and supply agreement with Siemens AG, Healthcare Sector for magnetic resonance imaging (MRI) technology. This collaboration will accelerate the development of ViewRay's Renaissance System.

"Siemens is a recognized leader in the field of MRI and their expertise in this area will enable us to incorporate state-of-the-art imaging technology into our product," said Dr.

John L. Patrick , Senior V.P. of Engineering.

"We are excited to work with ViewRay to explore the capabilities of MR beyond diagnostics and into the field of radiation therapy with a clear goal to improve therapy treatment to the benefit of the patient," said

Walter Marzendorfer , head of Magnetic Resonance, Siemens AG, Healthcare Sector.