ViewRay (NSDQ:VRAY) said today it raised $26.1 million in a private placement of common stock and warrants to support the ongoing commercialization of its MRIdian linear accelerator tech.
In the placement, Cleveland-based ViewRay said it sold approximately 8.6 million shares of common stocks with warrants to purchase an additional 1.7 million shares, with an exercise prise of $3.17.
The round was led by Puissance Capital Management and joined by existing investors including OrbiMed Advisors, Kearny Venture Partners and new investor Acuta Capital Partners.
As part of the placement round, Puissance Capital Management chief investment officer Ted Wang will join ViewRay’s board, according to a press release.
Funds from the placement will be used to support commercialization efforts, research & development and for general corporate purposes, ViewRay said.
Last September, ViewRay said it won CE Mark approval in the European Union for its MRIdian Linac next-gen linear accelerator-based MRI-guided radiation therapy system.
The newly cleared MRIdian Linac device replaces the cobalt it utilized with linear accelerator technology, ViewRay said. The company said it’s already submitted a 510(k) application to the FDA seeking approval for the MRIdian Linac device.
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