HistoSonics closed a $54 million Series C round for its robotically-assisted platform it says uses sound energy to liquify and destroy cancerous tumors without affecting surrounding tissue. Branded as Robotically Assisted Sonic Therapy (RAST), the histotripsy technology combines robotics, imaging and sensor technology to exploit microscopic air bubbles that naturally exist in tissue.
HistoSonics’ Series C round was led by Varian Medical, which included a contribution from Johnson & Johnson. Lumira Ventures, Venture Investors, the State of Wisconsin Investment Board and existing backers also participated, including robot-assisted surgery pioneer Dr. Fred Moll.
Ann Arbor, Mich.-based HistoSonics said it plans to use the proceeds to complete “key regulatory and commercial milestones” and expand its development efforts.
“We are very excited to be adding this group of experienced investment partners who share in our vision and mission,” president & CEO Mike Blue said in prepared remarks. “RAST will offer transformative change for both patients and physicians and will help overcome many of the major limitations and side effects of today’s cancer therapies. It has also shown great promise to work synergistically with other therapies and platforms, such as drug and immunotherapy, a big focus of our preclinical work, as well as with other surgical robotic platforms.
“We are confident that RAST will provide an entirely new experience for patients and physicians, as well as a more cost-effective alternative that better aligns with value-based healthcare initiatives, and we are thrilled to have such a strong syndicate joining us on this journey.”
“We believe that the HistoSonics platform offers a unique solution and significant promise to treat patients with a number of different diseases across global markets and care settings,” added Varian strategy & business development VP Greg Sorensen, who is slated to join the HistoSonics board in connection with the Series C round.
“Venture Investors has been an investor in HistoSonics from the start and it is incredibly exciting to see the progress we have made over the past several years,” Venture Investors chairman & managing partner Jim Adox said. “The vision of the company from the very beginning has been to develop a true platform that will revolutionize how patients are treated across a broad spectrum of diseases, including some of the most significant cancers, and it is very gratifying to now see the tremendous advancement of the system as it nears market launch.”
HistoSonics said Lumira managing director Gerry Brunk and a representative from Johnson & Johnson Innovation are also slated to join its board.
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