ViewRay closes $27m private placement

ViewRay said today it closed a $26.7 million private placement round, floating 5.3 million shares of common stock to support its MRIdian MRI-guided radiation therapy device.

The round included investors Aisling Capital, Fidelity, Kearny Venture Partners, Montrose Capital, OrbiMed and Xeraya Capital.

Funds from the round will support commercialization of the MRIdian device, research and development, product development and general corporate purposes, the Cleveland-based company said.

“ViewRay’s arrival on the public market and the associated financing in connection with the recent CRG debt funding enable us to expand commercially and drive toward profitability. Clinical usage of MRIdian has already demonstrated an exciting new way of visualizing and personalizing radiation therapy through the use of real-time MRI-guidance. Our recent transactions provide us up to approximately $76.7 million of financing and represent a significant milestone in our goal to make MRI-guided radiation therapy a standard of care for cancer patients around the world,” CEO Chris Raanes said in a press release.

Late last month, Viewray reeled in a debt round worth $50 million from CRG, a few months after scrapping an initial public offering that would have fetched $52 million at the midpoint. The debt funding, from healthcare investment firm CRG, consists of an initial $30 million, 3-year, interest-only debt facility and another $20 million ViewRay can draw on once it meets unspecified milestones, the company said.

ViewRay also completed a reverse merger with ViewRay Technologies and said the combined entity will focus entirely on the MRIdian device business. ViewRay also said it would be trading on the OTC Markets under the symbol “VRAY.”

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