Gainsville, FL—Medical device maker ViewRay Inc. has closed on a $25 million Series B round led by OrbiMed Advisors and Fidelity Biosciences and joined by Aisling Capital and Kearny Venture Partners.

ViewRay is developing a real-time magnetic resonance imaging (MRI) guided radiation therapy device for treating cancer patients.

The investment “allows us to accelerate the development of our system, the first device to promise real-time volumetric imaging simultaneous with radiation treatment” said ViewRay CEO William Wells.

The ViewRay Renaissance System 1000 technology was invented by James F. Dempsey, Ph.D., associate professor in the Department of Radiation Oncology at the University of Florida and has been exclusively licensed by the Company from the University of Florida.

Proceeds from the Series B financing will be used to further build the ViewRay Incorporated team and manufacture and validate advanced prototypes of the Renaissance System 1000.

OrbiMed is the world’s largest healthcare-dedicated investment firm, with over $6 billion in assets under management.

Fidelity Biosciences is a division of Fidelity Investments.

New York-based Aisling Capital is a dedicated life sciences private equity firm with US $1 billion under management.

Kearny Venture Partners hasover $330 million in capital under management. Kearny focuseds exclusively on healthcare products.

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