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


4/14/2009 7:43:12 AM

OAKWOOD VILLAGE, Ohio, April 14 /PRNewswire/ -- 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(TM) 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(TM) 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.

About ViewRay Incorporated:

ViewRay Incorporated is developing an advanced system to treat cancer patients: the world's first real-time MRI guided radiation therapy device. The Renaissance(TM) System technology will continuously image the patient in three dimensions during radiation therapy delivery. This real time imaging will control the delivery of the radiation therapy and record the dose delivered to the patient, allowing physicians to potentially reduce side effects and improve cure rates. For further information please see www.viewray.com.

About Siemens:

The Siemens AG, Healthcare Sector is one of the world's largest suppliers to the healthcare industry. The company is a renowned medical solutions provider with core competence and innovative strength in diagnostic and therapeutic technologies as well as in knowledge engineering, including information technology and system integration. With its laboratory diagnostics acquisitions, Siemens Healthcare is the first integrated healthcare company, bringing together imaging and lab diagnostics, therapy, and healthcare information technology solutions, supplemented by consulting and support services. Siemens Healthcare delivers solutions across the entire continuum of care - from prevention and early detection, to diagnosis, therapy and care. Additionally, Siemens Healthcare is the global market leader in innovative hearing instruments. The company employs around 49,000 people worldwide and operates in 130 countries. In the fiscal year 2008 (Sept. 30), Siemens Healthcare reported sales of euro 11.2 billion, orders of euro 11.8 billion, and Sector profit of euro 1.2 billion. Further information can be found by visiting http://www.siemens.com/healthcare.


Read at BioSpace.com


   

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