Cancer treatment developer HistoSonics reeled in $250 million in an oversubscribed series D round of financing two months after a syndicate of more then a dozen investors took a majority stake in the medtech as part of a deal valued at $2.5 billion.
The consortium that took the majority stake in August included K5 Global, Bezos Expeditions and Wellington Management. Thiel Bio and Founders Fund also participated in the latest fundraising, the company said in an Oct. 16 press release.
HistoSonics, which is a former Fierce Medtech Fierce 15 winner, plans to use the money to support the commercial expansion of its Edison System that uses sonic beams to vibrate tissue into creating gas bubbles that then break down and liquify tumors while preserving structures such as blood vessels.
“This funding, which was a shared priority of our new ownership group, enables us to accelerate key projects designed to expand global access to our platform and advance our therapy across an unprecedented number of new clinical applications and for the patients who need it most,” Mike Blue, chairman and chief executive of HistoSonics, said in the release.
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The company’s Edison histotripsy system garnered an FDA de novo clearance for the noninvasive treatment of liver tumors and metastases in 2023.
Clinical trial data released earlier this year by the company showed that 90% of 47 patients with either primary hepatocellular carcinoma or cancers from other organs that had spread to the liver demonstrated local tumor control one year after treatment.
The company is also focusing on kidney and pancreatic tumors with plans to address prostate cancer as well as benign conditions. More than 2,000 patients have received Edison treatments at over 50 U.S. centers, with 50 more device installations expected by the end of the year.
Prior to the August deal, HistoSonics had been reportedly looking to go public, forecasting revenues of $100 million this year and $200 million in 2026.
