Values Company at $3.75 Billion and Funds Development of Additional Clinical Applications
MINNEAPOLIS–(BUSINESS WIRE)–#HistoSonics—HistoSonics, the developer of the Edison® Histotripsy System and novel histotripsy therapy platforms, today announced the closing of a new financing round with participation from Reed Jobs and Yosemite, whose aim is to “make cancer non-lethal in our lifetime,” alongside several new strategic investors. Additional financing terms were not disclosed.
The financing comes amid significant momentum for HistoSonics as the company continues to expand clinical adoption of histotripsy for liver tumors around the world and is quickly advancing additional applications of its non-invasive platform across solid tumors.
“Building a generational company requires partners who bring more than capital,” commented Mike Blue, Chairman & CEO, HistoSonics. “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.”
Over the past year, HistoSonics has accelerated commercial and clinical progress in the destruction of liver tumors, including metastatic disease, with 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 (FDA) seeking clearance for the destruction of kidney tumors, representing a major expansion opportunity for histotripsy.
In addition, HistoSonics continues to generate encouraging clinical experience in the treatment of primary pancreatic tumors, an area with profound unmet patient need. The company is advancing toward an anticipated FDA submission for pancreatic applications as clinical and technical milestones continue to be achieved.
“Yosemite’s mission is to help accelerate technologies that have the potential to meaningfully change outcomes for patients,” said Reed Jobs. “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.”
Histotripsy is a non-invasive therapeutic platform that uses focused ultrasound energy and acoustic cavitation to mechanically destroy targeted tissue without surgery or radiation, and with potentially fewer side effects than traditional therapies. The Edison Histotripsy System received U.S. FDA De Novo clearance for the destruction of liver tumors and has since seen expanding clinical adoption across the United States and internationally. Use of the Edison Histotripsy System in applications outside of the liver is limited to investigational use.
The proceeds from the financing will support continued commercial expansion, clinical development programs, additional regulatory initiatives, and further advancement of HistoSonics’ pipeline applications.
About HistoSonics
HistoSonics is a privately held medical device company developing a non-invasive platform and proprietary sonic beam therapy utilizing the science of histotripsy, a novel mechanism of action that uses focused ultrasound to mechanically destroy and liquefy unwanted tissue and tumors. The company is currently focused on commercializing their Edison System in the US and select global markets for liver treatment while expanding histotripsy applications into other organs like kidney, pancreas, prostate, and others. HistoSonics has offices in Ann Arbor, MI, Madison, WI, and Minneapolis, MN. For more information on the Edison Histotripsy System please visit: www.histosonics.com. For patient-related information please visit: www.myhistotripsy.com.
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Kimberly Ha
KKH Advisors
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