Histosonics, a medical technology company creating a non-invasive device that destroys cancerous tissue, has closed on $40 million in an oversubscribed Series C round of funding.
The round was led by Yonjin Venture, a firm investing in early-stage and mid-size life science companies. The following firms also invested in Histosonics' Series C round: Varian Medical Systems, Johnson & Johnson Innovation, Venture Investors, Lumira Ventures, State of Wisconsin Investment Board and others.
Histosonics specializes in histotripsy, a non-invasive method of destroying body tissue using sonic waves. Its Edison device uses real-time visualization technology to destroy cancerous tumors while keeping healthy tissue safe. Histosonics believes this process allows patients to recover more quickly.
The company said in a statement that it will use the funding to continue developing Edison and launch new products.
"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," Wen Chen, partner at Yonjin, said in a statement.
As part of the deal, Chen will join Histosonics' board of directors. Prior to joining Yonjin, Chen held several leadership positions at Tigermed, a publicly-traded medical company in China.
Histosonics is based both in Plymouth and Ann Arbor, Mich., and has raised around $120 million to date. It last closed a round of funding in April 2019, bringing in $54 million. Part of this funding was used to open the company's Minnesota office, which now houses part of the company's executive team.
Histosonics does not yet have a commercially available product, according to the Minneapolis/St. Paul Business Journal, but Edison is expected to become commercially available later this year in select markets. Each device will sell for around $1 million.
