Plymouth-based medical technology company HistoSonics has secured an additional $100 million in funding to launch its flagship device. The company is developing a robotic system that uses focused sound energy to kill cancer cells.
The funding includes $85 million from investments by Johnson & Johnson’s investment arm and an expansion of its existing debt financing with Signature Bank.
Since its founding in 2009, the company’s leaders have raised more than $200 million to develop Edison, a non-invasive ultrasound therapy device that uses a combination of imaging and sensor technology to melt and destroy cancer cells.
The funding includes $54 million in 2019 Series C funding.
Current investors include California-based proton-beam therapy maker Varian Medical Systems; Dr. Fred Moll is the founder of Intuitive Surgical, the world’s largest medical robotics company. Madison, Wis.-based Venture Investors; Wisconsin State Investment Board.
HistoSonics’ current funding round reflects a strong year for medical and bioscience companies in Minnesota; In the first six months of 2022, the Midwest region is poised to raise nearly $775 million in capital, according to Medical Alley, an organization that supports Minnesota and other health care industries.
The Series D round for HistoSonics is the commercial launch of the device; It will be used to further clinical trials and expand Edison’s applications, according to a statement. Edison is currently only targeting human liver tissue.
According to HistoSonics, the number of patients with primary liver tumors in the US has increased by 43% in the last 16 years. The number of patients with primary liver tumors is expected to increase by another 40% by 2030.
HistoSonics recently submitted safety and efficacy data from trials of its liver cancer treatment to the Food and Drug Administration and expects to receive market approval by 2023.
“These financings are a unique confidence boost for our team and the innovative platform and solutions we’ve developed to transform the experience for patients and physicians facing a range of significant disease-related challenges, starting with the liver,” Mike Blue, HistoSonics chief executive officer, said in a statement.
The company’s device is based on the science of histotripsy, developed at the University of Michigan as an alternative to surgery. HistoSonics, Michigan; It has offices in Ann Arbor and has 65 employees, according to investment tracking platform Pitchbook.
