HistoSonics , maker of the Edison Histotripsy System and new histotripsy therapy platforms, announced the closing of an oversubscribed $102 million Series D financing. The round was led by Alpha Wave Ventures, a global leader in growth-stage investing, with new participation from Amzak Health and HealthQuest Capital. Existing investors included Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Venture Investors, Lumira Ventures, Yonjin Venture, the State of Wisconsin Investment Board and others.
Histotripsy is a new treatment method using focused ultrasound that produces “microbubbles” at high amplitudes and very short intervals that torpedo and destroy liver tumors. These bubbles form and then disintegrate again in microseconds. This creates mechanical forces that are so strong that they can destroy tissue at the cellular and sub-cellular level in a non-invasive and non-thermal way. Histotripsy offers a promising alternative to surgery, radiation and chemotherapy, which often have significant side effects.
The Series D financing is needed to accelerate significant advances in the non-invasive histotripsy platform and to support business growth in the US and other global markets. The company also plans to conduct an innovative BOOMBOX master study that will evaluate the multidisciplinary treatment of liver cancer with HistoSonics’ Edison System. The Edison Histotripsy System was certified De Novo by the FDA in October 2023. HistoSonics is currently working with leading institutions in the US and internationally to develop multidisciplinary liver histotripsy programs.
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“Histotripsy is a breakthrough treatment option for patients seeking a non-invasive approach to treating tumors without needles and incisions,” said Mike Blue, President & CEO, HistoSonics. “We are excited to have a high-caliber syndicate of investors led by Alpha Wave, which reinforces our confidence in helping patients with our current application for liver tumors. We plan to expand the application to other organs such as kidney, pancreas, prostate and brain. The funding will enable us to accelerate important projects and improve key technical features of the current and future platforms, as well as to intensify our collaboration with physicians and researchers who are exploring innovative methods using this unique mechanism for the benefit of patients. With this system, HistoSonics is revolutionizing the treatment of liver tumors and giving new hope to millions of people worldwide who are all looking for new options.”
“Alpha Wave is proud to lead the investment in HistoSonics, a pioneer in the application of histotripsy,” said Chris Dimitropoulos, Managing Director, Healthcare Investments at Alpha Wave Global. “Histotripsy’s unique, non-invasive approach uses focused ultrasound to target diseased tissue without damaging surrounding healthy tissue. This breakthrough technology has the potential to transform the treatment of many challenging clinical conditions, enabling patients to achieve better outcomes and recover better. The rapid adoption of the system by leading hospitals both domestically and internationally is testament to the urgent need for such a solution. We are pleased to support HistoSonics in accelerating the development and delivery of this innovative therapy.” In conjunction with this financing, Mr. Dimitropoulos will join the Board of Directors of HistoSonics.
HistoSonics’ Edison System uses proprietary technology and advanced imaging to deliver customized, non-invasive histotripsy treatments that are precise and controlled. The novel mechanism of this technology provides significant benefits for patients, such as rapid recovery. HistoSonics’ platform enables physicians to track and monitor tissue destruction in real time, something that is rarely possible using other methods.
SOURCE: Businesswire