ViewRay, Inc. (VRAY) Enters $13.75M Common Stock Private Placement
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ViewRay, Inc. (Nasdaq: VRAY) announced that it has entered into a definitive agreement in connection with a private placement of its common stock and warrants that is expected to result in gross proceeds to the Company of approximately $13.75 million. The financing is being led by certain of the Company's existing investors, including OrbiMed Advisors, LLC; Xeraya Capital; and Kearny Venture Partners. It also includes investments from two independent members of the Company's Board of Directors along with an equity investment from CRG, which has an existing Term Loan Agreement with ViewRay.
"This financing strengthens our balance sheet as we prepare for the introduction of the MRIdian linear accelerator (Linac) technology," said Chris A. Raanes, President and Chief Executive Officer of ViewRay. "We see this support as a robust sign of confidence in our significant growth potential. The MRIdian System's unique visualization ability has already received very positive feedback from clinicians and patients for its ability to fight cancer. We believe that our developing linac technology has the potential to produce strong order growth and significantly improved gross margins. We remain on track to submit for FDA clearance and CE Mark in the second half of this year."
The securities to be sold in this private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and will be sold in a private placement pursuant to Regulation D of the Securities Act. The securities may not be offered or sold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company has agreed to file a registration statement covering the resale of the shares of common stock acquired by the investors and shares of common stock issuable upon exercise of the warrants acquired by the investors.
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