HistoSonics closed on an oversubscribed $40 million in Series C-1 financing, led by Yonjin Venture LLC, to advance its technology that targets specific tissue, helping patients recover and heal more quickly, the company announced Monday.
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The Plymouth, Minnesota-based company was formed in 2009 and develops noninvasive robotic platform and sonic beam therapy. It’s Edison Platform delivers personalized, precision treatments using histotripsy, or ultrasound imaging to target a point within the body, and sound energy to liquify and destroy targeted tissues. Physicians can monitor and control all of this in real time, the company said in a written statement.
Joining Yonjin in the new round were existing investors including, Varian Medical Systems Inc., Johnson & Johnson Innovation – JJDC Inc., Venture Investors, Lumira Ventures and the State of Wisconsin Investment Board. Including the new capital, HistoSonics has raised a total of $126.8 million, according to Crunchbase data. The company’s last fundraise was a $54.7 million Series C round in April 2019.
In addition to leading the financing round, HistoSonics will add Wen Chen, venture partner at Yonjin Venture to its board of directors.
“We believe that having the ability to precisely destroy targeted tissue without entering the body and without the use of radiation or thermal energy, will provide meaningful change to patients and the physicians who care for them,” Chen said in a written statement.
Histotripsy was developed at the University of Michigan and exclusively licensed to HistoSonics, which also has an office in Ann Arbor, Michigan, the company said.
The new financing will be focused on advancing the Edison Platform, as well as launching new strategic projects, the company said in the statement.
HistoSonics also said it is progressing its first-in-human liver tumor study, encouraging ongoing preclinical research in the University of Michigan Immunology Lab, a new manufacturing facility and executive offices in Minneapolis and continued expansion of key personnel.