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Press releases may be edited for formatting or style
CLEVELAND, 23 July 2015 – ViewRay, Inc. (OTCQB: VRAY) announced today its successful completion of a reverse merger with ViewRay Technologies, Inc. The combined entity will focus solely on the business of ViewRay, the makers of MRIdian™, the world’s first and only MRI-guided radiation therapy system that images and treats cancer patients simultaneously. ViewRay will trade on the OTC Markets under the symbol “VRAY.”

ViewRay also announced today that it has consummated a private placement with gross proceeds of approximately $26.7 million for the issuance and sale of 5,340,704 shares of its common stock. Proceeds from the private placement will be used 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. Investors in the private placement included Aisling Capital, Fidelity, Kearny Venture Partners, Montrose Capital, OrbiMed and Xeraya Capital.

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“ViewRay’s arrival on the public market and the associated financing in connection with the recent CRG debt funding enable us to expand commercially and drive toward profitability,” said Chris Raanes, ViewRay’s president and CEO. “Clinical usage of MRIdian™ has already demonstrated an exciting new way of visualizing and personalizing radiation therapy through the use of real-time MRI-guidance. Our recent transactions provide us up to approximately $76.7 million of financing and represent a significant milestone in our goal to make MRI-guided radiation therapy a standard of care for cancer patients around the world.”

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 reverse merger and the private placement 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. 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 trademarks of ViewRay.

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.

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