In connection with the collaboration, Elekta has committed to invest capital for up to a 9.9% minority interest in ViewRay. Elekta's investment in ViewRay is subject to the terms and conditions set forth in a commitment agreement, including the condition of consummation of an equity capital raise of at least $75 million. In addition, Elekta's investment in ViewRay is subject to an aggregate cap of $36 million.
"We believe that ViewRay and Elekta can work together to drive broad adoption of MR-linacs," said Scott Drake, President and CEO of ViewRay. "We look forward to further promoting this technology to benefit patients worldwide."
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"Two companies actively promoting the implementation of the MR-linac technology in the market and collaborating on clinical applications will benefit clinicians and their patients with better and wider treatment options, improved outcomes, and lower costs," said Richard Hausmann, Elekta's President and CEO.
About ViewRay
ViewRay®, Inc. (Nasdaq: VRAY) designs, manufactures, and markets the MRIdian® radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purposely built to deliver high-precision radiation without unnecessary beam distortion, and consequently, help to mitigate skin toxicity and other safety concerns that may otherwise arise when high magnetic fields interact with radiation beams.
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