CLEVELAND, Oct. 13, 2015 /PRNewswire/ -- ViewRay, Inc. (OTCQB:VRAY) announced today that the company has been selected to receive the 2015 Frost & Sullivan Technology Innovation Leadership Award, a prestigious recognition based on an extensive and independent Frost & Sullivan analysis of the North American Image-Guided Radiation Therapy market. ViewRay's MRIdian® system is the world's first and only MRI-guided radiation therapy system that images and treats cancer patients simultaneously, bringing the benefits of soft-tissue visualization and adaptive treatment to patients around the world.
Each year, Frost & Sullivan presents this award to a company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, increases customer acquisition and overall market penetration potential.
"By combining MRI capabilities with radiation therapy, ViewRay has not only managed to differentiate its product from the crowd, but also provide two vital benefits to radiation oncologists," said Frost & Sullivan Senior Research Analyst Bhargav Rajan. "MRIdian makes high-contrast, soft-tissue imaging possible, which is crucial for pre-treatment planning, and it offers continuous visualization of tissues during radiation delivery—a benefit that other market competitors have been unable to offer."
"We are honored to receive such a prestigious award for our leadership in innovation, particularly because it's based upon extensive independent research across the industry," said Chris A. Raanes, president and chief executive officer of ViewRay. "The future of image-guided radiation therapy lies with MRI-guidance because it reveals live details that were previously unseen. We are proud to be technology leaders in the field."
The MRIdian system, which has been treating patients since January 2014, is currently installed at four leading cancer centers in the United States and abroad. MRI-guided radiation therapy with MRIdian has been a topic of great interest, with 20 abstracts selected for presentation at this year's Annual Meeting of the American Association of Physicists in Medicine (AAPM), reporting on real-world clinical experience with the MRIdian system.
The Frost & Sullivan Technology Innovation Leadership Award is one of Frost & Sullivan's Best Practices Awards, which recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.
ViewRay, Inc. of Cleveland, Ohio, is a medical device company that develops advanced radiation therapy technology for the treatment of cancer. The MRIdian system provides continuous soft-tissue imaging during treatment, using MRI-guided radiation therapy, so that clinicians are able to see where the actual radiation dose is being delivered and adapt to changes in the patient's anatomy.
ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
ViewRay acknowledges the contribution of the State of Ohio, Department of Development and Third Frontier Commission, which provided funding in support of the MRI Technology Enabling Expansion of MRI into Radiotherapy Guidance Project.
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to the use of image-guided radiation therapy in the treatment of cancer and interest in MRI-guided radiation therapy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize MRIdian, competition in the industry in which ViewRay operates and overall market conditions. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents ViewRay files with the SEC, available at www.sec.gov.
SOURCE ViewRay, Inc.