MINNEAPOLIS, June 8, 2020 /PRNewswire/ -- HistoSonics, developer of a non-invasive robotic platform and sonic beam therapy, announced today that it has closed $40 million in an oversubscribed Series C-1 financing. The round was led by Yonjin Venture, LLC, who specializes in innovative early and mid-stage life science companies, and included additional new strategic investors. Also participating were existing investors Varian Medical Systems, Inc., Johnson & Johnson Innovation - JJDC, Inc. (JJDC), Venture Investors, Lumira Ventures, State of Wisconsin Investment Board, and others. The financing will be used to accelerate activities focused on the Company's Edison™ Platform, as well as launch new strategic projects.
HistoSonics' Edison Platform uses advanced imaging and proprietary sensing technology to deliver non-invasive, personalized treatments with unparalleled precision and control, and uses the science of histotripsy and focused sound energy to generate pressures strong enough to liquify and completely destroy targeted tissues at sub-cellular levels. The company believes that the novel mechanism of action of their proprietary technology provides significant advantages to patients, including the ability of the treatment site to recover and heal quickly, as well as provides physicians the unique ability to monitor the destruction of tissue under continuous real-time visualization and control, unlike any modality that exists today.
"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." said Mr. Wen Chen, Venture Partner at Yonjin Venture. "We believe that histotripsy and the Edison Platform have the ability to provide meaningful clinical, quality of life, and economic benefits across a very broad range of applications, starting in the liver, and with far reaching implications, and we are excited to join HistoSonics on this journey."
As part of the financing, HistoSonics will add Mr. Chen to their Board of Directors. Prior to joining Yonjin, Mr. Chen held the positions of Senior Vice President, Head of Business Development and Operations at Tigermed, a publicly traded company located in China, Chief Operating Officer of HD Biosciences, and Executive Vice President of HUYA Bioscience International. Mr. Chen received his bachelor's degree in Biochemistry from Purdue University, a master's degree in Immunology and Oncology from Washington University in St. Louis, and a Master of Business Administration from Durham University.
"We are thrilled to welcome Wen and the team from Yonjin Venture", commented HistoSonics' President and CEO, Mike Blue. "Their deep experience and domain expertise in strategic markets, as well as passion for our mission and vision, were very important to us in a partner, and we look forward to working closely with their team moving forward to execute on our global plan."
In addition to the Series C-1 financing, HistoSonics also recognized progress across many of the company's key imperatives including their first-in-human liver tumor study, encouraging on-going preclinical research in the University of Michigan Immunology Lab, new manufacturing facility and executive offices in Minneapolis, and continued expansion of key personnel.
HistoSonics is a venture-backed medical device company developing a non-invasive platform and novel sonic beam therapy utilizing the science of histotripsy. The company's new platform delivers personalized, tissue specific treatments with unparalleled precision and control, and without the undesirable side effects of many of today's interventional and surgical modalities. Histotripsy was developed at the University of Michigan and exclusively licensed to HistoSonics. The company is led by a team of experienced domain experts and industry leaders with offices in Ann Arbor, MI. and Minneapolis, MN.