ViewRay, a US-based radiation therapy technology developer backed by industrial equipment maker Siemens, has postponed its initial public offering on Nasdaq.
The company did not reveal an updated timeline for the flotation or stated a reason for the move in the SEC filing revealing the postponement. ViewRay filed for a $69m IPO in February 2015 but subsequently revised the figure down to $64.4m the following month.
ViewRay markets an MRI-guided radiation therapy system dubbed MRIdian that simultaneously produces images of the cancer affecting a patient and treats it. Proceeds from the IPO were to be used to support further commercialisation of the system and to develop additional products.
The company has raised approximately $195m siince it was founded in 2004. Siemens contributed to a $20m series C round in 2010 and returned in 2013 for a $45m series D round tthat also featured OrbiMed Advisors, Hercules Technology Growth Capital, Fidelity Biosciences, Kearny Venture Partners and Aisling Capital.
Aisling, OrbiMed and Fidelity each hold a 22.8% stake in ViewRay, while Kearny holds 13%. Siemens is not listed as a principal shareholder. Cowen & Company and Stifel were set to act as joint bookrunners for the offering.