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ViewRay® (VRAY) Completes Private Placement, Raises Aggregate of $29.4 Million

Total Financing in Last Two Months Reaches Up To Almost $80 Million


News provided by

ViewRay, Inc.

Aug 19, 2015, 04:01 ET

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CLEVELAND, Aug. 19, 2015 /PRNewswire/ -- ViewRay, Inc. (OTCQB: VRAY) announced today the completion of its private placement offering as part of its alternative public offering announced on July 23, 2015. Shares of the company's common stock are currently quoted on the OTC Markets under the symbol "VRAY."

Together with the initial closing of the private placement previously announced on July 23, ViewRay has raised aggregate gross proceeds of $29.4 million for the issuance and sale of approximately 5.88 million shares of its common stock at $5.00 per share. Proceeds from the private placement will be used primarily to support the ongoing commercialization of MRIdian®, for research and development related to continued product development activities, and for general corporate purposes, including working capital. Northland Securities, Katalyst Securities, Trout Capital, and MLV were placement agents for the private placement.

"In the last two months, we have completed transactions that provide access to up to $80 million in capital through a combination of debt and equity financings, which we believe provides the company a sound financial platform to execute on our commercialization and innovation strategies," said Chris A. Raanes, ViewRay President and CEO.

In connection with the private placement, ViewRay has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act of 1933, as amended, covering the resale of the shares of common stock issued in the private placement and the previously announced reverse merger and in connection with the exercise of warrants issued to the placement agents, within 90 days after the closing. The shares of common stock issued or to be issued pursuant to the merger, the private placement and the placement agent warrants have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About ViewRay

ViewRay, Inc. of Cleveland, Ohio, is a medical device company developing 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.

Forward Looking Statements:

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 ViewRay's technologies, anticipated uses of proceeds from the private placement, business and product development plans and market information. 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.

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