Plymouth medical device company HistoSonics raises $100M

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.

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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.

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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.

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“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.

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