- HistoSonics — the developer of a non-invasive robotic platform and sonic beam therapy — announced that it raised $40 million
HistoSonics — the developer of a non-invasive robotic platform and sonic beam therapy — announced that it raised $40 million in an oversubscribed Series C-1 financing. This round of funding was led by Yonjin Venture, LLC — which specializes in innovative early and mid-stage life science companies. Existing investors Varian Medical Systems, Inc., Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Venture Investors, Lumira Ventures, State of Wisconsin Investment Board, and several others also joined the round. This round of funding will be used for accelerating activities focused on the company’s Edison Platform as well as launch new strategic projects.
“We are thrilled to welcome Wen and the team from Yonjin Venture,” said HistoSonics’ President and CEO Mike Blue. “Their deep experience and domain expertise in strategic markets, as well as passion for our mission and vision, were very important to us in a partner, and we look forward to working closely with their team moving forward to execute on our global plan.”
HistoSonics’ Edison Platform utilizes advanced imaging and proprietary sensing technology to deliver non-invasive and personalized treatments with unparalleled precision and control. And HistoSonics uses the science of histotripsy and focused sound energy to generate pressures strong enough to liquify and completely destroy targeted tissues at sub-cellular levels. Plus the company believes that the novel mechanism of action of their proprietary technology provides significant advantages to patients, including the ability of the treatment site to recover and heal quickly as well as provides physicians the unique ability to monitor the destruction of tissue under continuous real-time visualization and control — unlike any modality that exists today.
“We believe that having the ability to precisely destroy targeted tissue without entering the body and without the use of radiation or thermal energy, will provide meaningful change to patients and the physicians who care for them.” added Wen Chen, Venture Partner at Yonjin Venture. “We believe that histotripsy and the Edison Platform have the ability to provide meaningful clinical, quality of life, and economic benefits across a very broad range of applications, starting in the liver, and with far reaching implications, and we are excited to join HistoSonics on this journey.”
In connection with the funding, HistoSonics will add Chen to their Board of Directors. Before joining Yonjin, Chen held the positions of Senior Vice President, Head of Business Development and Operations at Tigermed (a publicly traded company located in China), Chief Operating Officer of HD Biosciences, and Executive Vice President of HUYA Bioscience International.
Along with the Series C-1 financing, HistoSonics also recognized progress across many of the company’s key imperatives including their first-in-human liver tumor study thus encouraging on-going preclinical research in the University of Michigan Immunology Lab, new manufacturing facility and executive offices in Minneapolis, and continued expansion of key personnel.