Dive Brief:
- HistoSonics said Thursday that it has raised $250 million to fund the commercial and clinical expansion of its cancer treatment technology.
- Investors that acquired HistoSonics in August joined with other backers to provide the money. Supporters in the latest funding round include Bezos Expeditions and Thiel Bio.
- HistoSonics will use the money to move into new global markets while developing the platform for use in additional clinical indications.
Dive Insight:
HistoSonics’ Edison system uses sound waves to destroy tumors. Backed by Johnson & Johnson, the company received de novo clearance for the device two years ago. The FDA clearance followed studies of Edison as a minimally invasive option for patients with primary and metastatic liver cancers.
K5 Global, Bezos Expeditions, Wellington Management and other investors recently joined forces to buy a majority stake in HistoSonics in a deal that valued the company at $2.25 billion. The ownership consortium joined with additional backers including Thiel Bio and Founders Fund for the $250 million funding round.
HistoSonics said the investment positions it to advance its strategic priorities as a privately held company. The priorities of the company, which initially targeted the U.S., include expanding internationally.
The company also plans to use the money to develop Edison in additional indications throughout the body. Kidney, pancreas and prostate indications are on HistoSonics’ roadmap as it seeks to expand beyond liver cancer and into a range of other benign and malignant conditions.
HistoSonics completed enrollment in a pivotal kidney cancer trial in June. The company is also testing Edison in pancreatic cancer and preparing to start a trial of people with benign prostatic hyperplasia.
HistoSonics is targeting indications where Edison could free patients from the invasiveness or toxicity of traditional procedures such as surgical removal and thermal ablation. By focusing sound waves on the target area, Edison can liquefy tumors or tissues without cutting patients or applying ionizing radiation or heat.
