ViewRay, a US-based radiation therapy technology developer backed by industrial equipment maker Siemens, has filed for an initial public offering on Nasdaq through which it aims to raise up to $69m.
ViewRay produces an MRI-guided radiation therapy system called MRIdian that can produce images of cancer while simultaneously treating the disease. The IPO proceeds will be used to further commercialise MRIdian, and to fund additional product development.
The company has raised approximately $195m since it was founded in 2004, according to press releases and regulatory filings.
Siemens, also a technology partner of ViewRay, participated in its $45m series D round in 2013 alongside OrbiMed Advisors, Hercules Technology Growth Capital, Fidelity Biosciences, Kearny Venture Partners and Aisling Capital, after contributing to a $20m series C round in 2010.
Aisling, OrbiMed and Fidelity each hold a 21.33% stake in the company, while Kearny is its only other significant shareholder, owning a 12.2% stake. Cowen & Company and Stifel are serving as the joint bookrunners for the IPO.