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ViewRay Incorporated Secures $20 Million Series C Financing


8/25/2010 9:58:03 AM

CLEVELAND, Aug. 25 /PRNewswire/ -- ViewRay, Inc., a privately held medical device company, has secured $20 million in Series C financing led by new investor Siemens Venture Capital (SVC) GmbH and joined by existing investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors. The funding is intended to move the ViewRay system, a unique image-guided radiation therapy system now in the late stages of development, through the process of commercialization and placement in major medical centers.*

The ViewRay system is designed to improve the accuracy of cancer treatments through a combination of simultaneous magnetic resonance imaging (MRI) and radiotherapy delivery. "MRI-guided radiotherapy has great potential, and we believe ViewRay has the technology and the team to bring it to fruition," said Ralf Schnell, CEO, Siemens Venture Capital.

"We are pleased to welcome SVC to our team, adding to the technology partnership with the Siemens MR business unit of Siemens AG," said Gregory M. Ayers, MD, PhD, ViewRay president and CEO. "The continuing commitment of our present investors is a testament to both the significant progress we have made in development of our system and the overall promise of MRI-guided radiotherapy."

* At this time, the ViewRay system is for nonclinical research use only. The Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine in St. Louis, Missouri, will soon become the first in the world to test the ViewRay system.

About ViewRay

ViewRay, Inc., of Cleveland, Ohio, is a privately held medical device company developing advanced radiation therapy technology for the treatment of cancer. Using MRI-guided radiotherapy, the ViewRay system is intended to provide continuous soft-tissue imaging during treatment. The system is being designed so that cliniciansfor the first timewill be able to see where the actual radiation dose is being delivered and adapt to changes in the patient's anatomy. Since 2009, Siemens AG has partnered with ViewRay to develop advanced MRI technology for the ViewRay system. For more information, visit http://www.viewray.com.

About Aisling Capital

Aisling Capital is a dedicated life sciences private equity firm with US$1 billion under management. Headquartered in New York, Aisling Capital invests in both private and public companies, utilizing a wide variety of investment structures. The Aisling Capital team's combination of clinical, operational and financial experience allows the firm to identify, execute and realize investments across the life sciences industry. For more information, visit http://www.aislingcapital.com.

About Fidelity Biosciences

Fidelity Biosciences is a division of Fidelity Investments, one of the world's leading providers of financial services. For more than 30 years, Fidelity Investments has been a significant presence in the venture capital and private equity industry, investing the firm's own capital since 1969. This provides us with the flexibility and capabilities of traditional venture capital firms while eliminating the additional pressures of fundraising. The result is a clear focus on building long-term value for Fidelity, our management partners, and coinvestors. For more information, visit http://www.fidelitybiosciences.com.

About Kearny Venture Partners

With over $330 million in capital under management, Kearny Venture Partners is a venture capital firm exclusively focused on healthcare products. We believe that the opportunity for entrepreneurs to devise innovative solutions in healthcare has never been greater. Significant unmet needs in healthcare continue to persist, representing large potential market opportunities for safe and effective products. As the molecular basis of disease is increasingly unraveled, new opportunities for intervention emerge. Novel therapies can and will displace incumbent products. For more information, visit http://www.kearnyvp.com.

About OrbiMed Advisors LLC

OrbiMed is the world's largest fully dedicated healthcare investment firm, with over $5 billion in assets under management. OrbiMed's investment advisory business was founded in 1989 with a vision to invest across the spectrum of healthcare companies: from private start-ups to large multinational companies. OrbiMed manages the Caduceus Private Investments series of venture capital funds and a family of public equity investment funds. For more information, visit http://www.orbimed.com.

About Siemens Venture Capital GmbH

Siemens Venture Capital GmbH (SVC), the central venture capital organization within Siemens, invests in early-stage technology companies and established growth companies, focusing on the energy, industry and healthcare sectors. SVC is focused on innovative solutions from which Siemens can profit and plays a key role in Siemens' global innovation network. To date, the company has invested more than EUR 800 million in over 150 companies and 40 venture capital funds. In addition, SVC advises the German Siemens pension funds on their private equity allocation. As part of this relationship, SVC has launched the venture capital fund of funds Siemens Global Innovation Partners I to capitalize on these opportunities.

ViewRay is a trademark of ViewRay, Inc.

SOURCE ViewRay, Inc.


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