Medical device company completes reverse merger, raises $26.7 million

ViewRay, Inc., a medical device company focused on treating cancer through advanced radiation therapy, announced this week that it has gone public through a reverse merger and raised $26.7 million in private placement.

ViewRay is focusing its time and money on the commercialization of MRIdian, a system that uses MRI-guided radiation to provide continuous soft-tissue imaging during use.

“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,” ViewRay president and CEO Chris Raanes said in a statement. “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.”

Investors listed in the statement were Aisling Capital, Fidelity, Kearny Venture Partners, Montrose Capital, OrbiMed, and Xeraya Capital.