CLEVELAND, Dec. 2, 2019 /PRNewswire/ — ViewRay, Inc. (Nasdaq: VRAY) announced today that it has signed a non-binding memorandum of understanding for collaboration with Elekta AB (Nasdaq: EKTA-B.ST) (“Elekta”) to advance the knowledge and use of MR-guided radiation therapy. In connection with the collaboration, Elekta has committed to invest capital for up to a 9.9% minority interest in ViewRay, subject to the terms and conditions set forth in a commitment agreement.
Additionally, ViewRay has signed a non-binding memorandum of understanding with Medtronic (NYSE: MDT) to enter into a clinical collaboration in an area of mutual interest that includes exploring the clinical benefits of the MRIdian MR-guided radiation therapy system. In connection with the collaboration, Medtronic has committed to invest in a minority interest in ViewRay, subject to the terms and conditions set forth in a commitment agreement.
ViewRay’s largest shareholder, Fosun International Limited (“Fosun”), has also committed capital up to an amount that would enable it to maintain its current beneficial ownership percentage in ViewRay, subject to the terms and conditions set forth in a commitment agreement.
The investments from Elekta and Medtronic are conditioned upon the consummation of an equity capital raise of at least $75 million.
“We are pleased to announce these important collaborations and investments in ViewRay. Our goal is to concurrently prove the value of MR-guided radiation therapy and strengthen our balance sheet,” said Scott Drake, President and CEO of ViewRay. “We are well-positioned to drive MRIdian to standard of care. The ability to see clearly during the procedure, track tumors and soft tissues, and auto-gate the beam is integral to delivering highly precise, personalized medicine.”
