HistoSonics announced the closing of a new financing round with participation from Reed Jobs and Yosemite, along with several new strategic investors. The financing values the company at $3.75 billion. Additional financing terms were not disclosed.
HistoSonics is the developer of the Edison Histotripsy System and novel histotripsy therapy platforms. The company said the new capital will support continued commercial expansion, clinical development programs, additional regulatory initiatives, and advancement of pipeline applications.
The financing comes as HistoSonics continues to expand clinical adoption of histotripsy for liver tumors and advance additional applications of its non-invasive platform across solid tumors.
Over the past year, the company has accelerated commercial and clinical progress in the destruction of liver tumors, including metastatic disease. HistoSonics said it has seen growing physician adoption and increasing utilization at leading academic medical centers and health systems.
The company recently submitted a De Novo request to the U.S. Food and Drug Administration seeking clearance for the destruction of kidney tumors, representing a potential major expansion opportunity for histotripsy.
HistoSonics is also generating clinical experience in the treatment of primary pancreatic tumors. The company said it is advancing toward an anticipated FDA submission for pancreatic applications as clinical and technical milestones continue to be achieved.
Histotripsy is a non-invasive therapeutic platform that uses focused ultrasound energy and acoustic cavitation to mechanically destroy targeted tissue without surgery or radiation. The company said the platform may offer fewer side effects than traditional therapies.
The Edison Histotripsy System received FDA De Novo clearance for the destruction of liver tumors and has since seen expanding clinical adoption in the U.S. and internationally. Applications outside of the liver remain limited to investigational use.
HistoSonics is privately held and has offices in Ann Arbor, Madison, and Minneapolis. The company is focused on commercializing the Edison System for liver treatment while expanding histotripsy applications into areas such as the kidney, pancreas, prostate, and other organs.
KEY QUOTES:
“Building a generational company requires partners who bring more than capital. This financing continues to add strategic investors who understand our mission, appreciate the magnitude of the opportunity ahead, and share our commitment to delivering lasting value for patients, physicians, and shareholders.”
Mike Blue, Chairman and CEO of HistoSonics
“Yosemite’s mission is to help accelerate technologies that have the potential to meaningfully change outcomes for patients. And for me it’s a personal mission. HistoSonics is pioneering an entirely new approach to addressing some of the world’s deadliest cancers and diseases, and we are excited to support the company as it expands the reach of histotripsy throughout the entire body.”
Reed Jobs
