HistoSonics Series D round, August 2024

HistoSonics, a Michigan-based medical technology company, has announced the successful closing of a $102 million Series D funding round. The financing round, revealed on August 22, 2024, was led by Alpha Wave Ventures, with participation from new investors Amzak Health and HealthQuest Capital, and existing investors Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Venture Investors, Lumira Ventures, Yonjin Venture, the State of Wisconsin Investment Board, and others. This latest funding brings HistoSonics’ total capital raised to over $200 million since its inception, underscoring the significant interest and confidence in the company’s innovative approach to cancer treatment.

HistoSonics is pioneering a non-invasive, image-guided platform known as histotripsy, designed to precisely destroy targeted tissue without the need for incisions or radiation. The technology uses the power of focused ultrasound to mechanically obliterate cancerous tissues, a process the company refers to as “robotic sonic surgery.” This approach aims to provide a safer and more effective alternative to traditional surgical procedures and other minimally invasive therapies.

The Series D funding will be instrumental in advancing the commercialization of HistoSonics’ Edison platform, which is currently under regulatory review in multiple markets, including the United States and Europe. According to Mike Blue, CEO of HistoSonics, the new capital will also support ongoing clinical trials and expand the company’s research and development efforts. The company is particularly focused on exploring the potential of histotripsy to treat a wider range of cancers, including liver, kidney, and pancreatic tumors.

“This significant investment allows us to accelerate our efforts to bring the Edison platform to market and to continue exploring new applications for our technology,” Blue said in a statement. “We are grateful for the strong support from both our new and existing investors, who share our vision of transforming cancer treatment.”

The technology developed by HistoSonics represents a significant leap forward in the field of therapeutic ultrasound. Unlike traditional ultrasound used for imaging, histotripsy leverages high-intensity sound waves to induce mechanical tissue destruction at the cellular level. This method is not only precise but also spares surrounding healthy tissue, reducing the risk of complications and side effects commonly associated with conventional cancer treatments such as surgery, chemotherapy, and radiation.

HistoSonics was founded in 2010, building on research conducted at the University of Michigan. The company’s leadership team includes a mix of seasoned executives and leading scientists in the field of medical technology. CEO Mike Blue, who joined the company in 2018, has a strong background in commercializing medical devices, having held key positions at companies like NxThera and American Medical Systems.

The significance of HistoSonics’ work is being closely watched within the medical community, particularly as the demand for non-invasive treatment options continues to grow. As healthcare systems globally grapple with the challenges of treating an aging population and rising cancer rates, innovations like histotripsy could play a crucial role in improving patient outcomes while also reducing the overall cost of care.

The Series D funding round is not only a validation of HistoSonics’ technology but also a reflection of the broader industry trend toward developing less invasive and more targeted cancer therapies. With regulatory approvals on the horizon and clinical trials yielding promising results, HistoSonics is poised to make a significant impact on the oncology landscape.

Looking ahead, the company plans to scale its operations and bring its Edison platform to market, potentially transforming the standard of care for patients with solid tumors. As HistoSonics continues to innovate and push the boundaries of what is possible with therapeutic ultrasound, it will be a key player to watch in the evolving field of cancer treatment.