HistoSonics offers the non-invasive Edison Histotripsy system. | Source: HistoSonics
Histotripsy is the use of ultrasound to treat liver tumors. HistoSonics Inc., which has developed the Edison Histotripsy System, last month raised $250 million in an oversubscribed funding round.
The company said it plans to use the financing to support the ongoing commercial expansion of its Edison system into new global markets. It also intends to address clinical indications throughout the body and strengthen operational capacity for its next phase of growth.
“This funding, which was a shared priority of our new ownership group, enables us to accelerate key projects designed to expand global access to our platform and advance our therapy across an unprecedented number of new clinical applications and for the patients who need it most,” stated Mike Blue, chairman and CEO of HistoSonics.
HistoSonics develops ultrasound therapy
Founded in 2009, HistoSonics has developed a non-invasive platform and proprietary sonic beam therapy using histotripsy. The company said its system focuses ultrasound energy to liquefy and destroy tumors and tissue under real-time image guidance, without the invasiveness or toxicity of traditional procedures.
HistoSonics received its first de novo clearance from the U.S. Food and Drug Administration in October 2023. It claimed that Edison is the first and only histotripsy platform cleared for clinical use globally.
In June, HistoSonics announced that Edison secured limited U.K. market access. The company, which has offices in Ann Arbor, Mich., and Minneapolis, said it is focusing on commercializing Edison in the U.S. and select global markets for liver treatment.
Elevance Health last month expanded insurance coverage of histotripsy for 45.4 million members across its commercial, Medicare, and Medicaid plans in 14 states, including California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin.
HistoSonics also plans to expand beyond its initial focus on liver tumors to kidney, pancreas, and prostate indications. Its goal is to establish histotripsy as a treatment option across a wide range of clinical applications throughout the body, treating both benign and malignant conditions.
Latest funding builds on growing momentum
The funding round was led by HistoSonics’ new ownership group and included additional investors Thiel Bio and Founders Fund, among others.
“Treatment decisions often force a trade-off between survival and suffering. HistoSonics shows that fundamental technological innovation can free us from such Faustian bargains,” said Hannes Holste, director of life science investments and data science at Thiel Bio. “Beyond the focus today on abdominal tumors, the opportunity is to reimagine how a non-invasive approach could move treatment for other diseases earlier, alleviate the anxiety of monitoring, and preserve quality of life.”
This funding follows the recent $2.25 billion majority stake acquisition of HistoSonics by a consortium of international technology and life science investors, including K5 Global, Bezos Expeditions, and Wellington Management. They all participated in the new round, which HistoSonics said positions it to advance its strategic priorities as a privately held company.
“Histotripsy has the potential to redefine how we treat solid tumors and other diseases by introducing a completely new modality of care,” said Bryan Baum of K5 Global. “HistoSonics’ Edison System combines breakthrough science, real-world clinical validation, and strong early commercial traction.”
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