Financings Planned to Support Rapid Expansion of Histotripsy Platform as Company Welcomes Silk Road Medical CEO, Erica Rogers, to its Board of Directors
MINNEAPOLIS, Dec. 13, 2022 /PRNewswire/ -- HistoSonics, Inc. (www.histosonics.com), the developer of a non-invasive, novel sonic beam therapy, announced today that it has raised $85 million in a financing led by Johnson & Johnson Innovation - JJDC, Inc., with participation from existing investors including Venture Investors, Lumira Ventures, Yonjin Venture, and the State of Wisconsin Investment Board, among others. Concurrently, HistoSonics also secured a commitment for a $15 million expansion of the amount available under its existing debt facility with Signature Bank, which the company may access to accelerate strategic projects. Proceeds of the financings will be used to support HistoSonics anticipated commercial launch, additional clinical trials, and to expand application development of Edison™, the company's novel histotripsy therapy platform, throughout the body.
Mike Blue, President and CEO of HistoSonics, commented, "These financings are an extraordinary vote of confidence in our team, as well as the novel platform and solution we have developed to transform experiences for patients and physicians who deal with the many challenges associated with significant disease, starting in the liver." The number of patients in the US who have primary liver tumors has increased 43% in the past 16 years and is expected to grow another 40% by 2030. HistoSonics recently submitted safety and efficacy data from its #HOPE4LIVER Clinical Trials to the US Food and Drug Administration (FDA) and expects market authorization in 2023.
HistoSonics also announced today the appointment of Erica Rogers, President and CEO of Silk Road Medical, Inc., to the company's Board of Directors. Rogers brings decades of leadership experience in the medical technology sector and has a track record of delivering significant value creation for the companies she leads. Most recently, Rogers led Silk Road Medical from an early-stage start-up to explosive growth and a successful IPO in 2019. Silk Road Medical currently has a market cap of approximately $2.0 billion. "I have been following HistoSonics' progress for years and believe that histotripsy offers a unique non-invasive solution capable of addressing a variety of significant unmet clinical needs. I look forward to being a part of the HistoSonics team, helping to ensure the Edison platform reaches its full potential to treat patients with significant disease across global markets and a broad number of care settings," commented Rogers.
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 liquify unwanted tissue and tumors at sub-cellular levels. The company is currently focused on the development of its Edison™ platform, combining advanced imaging with proprietary sensing technology to deliver personalized external beam treatments with unparalleled precision and control, and with the promise of reducing many of the side effects of conventional therapies. The Edison™ platform is not currently available for sale and is intended for use in the destruction of liver tissue. HistoSonics has offices in Ann Arbor, Michigan and Minneapolis, MN.
For more information please visit: www.histosonics.com/