ViewRay is a Cleveland, Ohio-based medical device company developing advanced radiation therapy technology for the treatment of cancer. Its MRIdian system provides continuous soft-tissue imaging during treatment, using MRI-guided radiation therapy so clinicians can see where the actual radiation dose is being delivered and adapt to changes in the patient’s anatomy. Led by president and CEO Chris A. Raanes, the company intends to accelerate worldwide commercialization of the MRIdian system. To support that expansion and optimize its capital structure, ViewRay secured up to $50 million in debt financing from CRG (formerly Capital Royalty L.P.). The financing will initially provide $30 million of interest-only debt for three years, and the company has the option to draw an additional $20 million upon achieving certain milestones. Proceeds will also be used to retire $13 million of debt with less favorable terms. ViewRay develops an MRI-guided radiotherapy system that provides continuous soft-tissue imaging during treatment, enabling clinicians to see the cancer target, monitor delivered radiation dose, and adapt to anatomical changes in real time. Led by president and CEO Chris A. Raanes, the company is commercializing the ViewRay system globally. The system had been acquired by five cancer treatment centers worldwide at the time of the report. ViewRay secured $30M in funding to support worldwide commercialization efforts. Funding included participation from existing equity investors and a new strategic investor, plus debt financing to support the company’s growth. ViewRay develops advanced radiation therapy technology for the treatment of cancer, offering systems that provide continuous soft-tissue imaging during treatment. Its platform enables physicians to better control the delivery of radiation therapy prescriptions through real-time soft-tissue imaging. The company was founded in 2004 and is based in Cleveland, Ohio. Leadership named in the article includes President and CEO Chris A. Raanes, Chief Scientific Officer James F. Dempsey, PhD, and Chief Medical Officer Prabhakar Tripuraneni, MD. As of May 2013 ViewRay raised $15m in funding; investors were not named. Prior financings recorded by FinSMEs include $20m in 2010 and $45m in 2012. ViewRay Inc., based in Cleveland, Ohio, develops image-guided radiation therapy technology that uses MRI to provide continuous soft-tissue imaging during treatment. Its system is designed to let clinicians see where the actual radiation dose is being delivered and adapt to changes in the patient’s anatomy. The company’s treatment planning and delivery software received 510(k) premarket notification clearance from the U.S. FDA in 2011, and its integrated imaging and radiotherapy delivery system is pending 510(k) review. ViewRay intends to use new funding to prepare for market launch. The first research system is undergoing final installation at the Siteman Cancer Center at Barnes‑Jewish Hospital and Washington University School of Medicine in St. Louis. The company is led by President and CEO Gregory M. Ayers, MD, PhD. ViewRay develops MRI-based radiotherapy technology that provides continuous soft-tissue imaging to enable more accurate delivery of radiation and reduce exposure to healthy tissue. Its system lets clinicians see where radiation is being delivered in real time, addressing internal organ motion that can misdirect treatment. In February the company received U.S. regulatory clearance for its treatment planning and delivery software, while clearance for its integrated system is still pending; the integrated system is currently limited to nonhuman research. In March the University of Wisconsin Carbone Cancer Center acquired ViewRay’s radiotherapy system for research use. Financially, ViewRay recently secured new funding via convertible notes to support commercialization efforts while it awaits full system clearance. The company relocated to Oakwood Village, Ohio in 2008 and received state job-creation tax credits tied to that move.

Total raised

$185M

Funding rounds

8

Latest round

Debt Financing

Latest activity

Jun 2015