Medical robotics startup HistoSonics raises $54M

April 10, 2019 Cancer, Robotics, Startups

Startup HistoSonics raises $54M, plans to expand operations in Twin Cities.

Medical robotics startup HistoSonics and its Minnesota-based executive team announced a $54 million Series C fundraising round with backers including proton-beam therapy maker Varian Medical Systems and Dr. Fred Moll, founder of the world’s largest medical-robot company, Intuitive Surgical.

HistoSonics is designing and testing a cancer-killing machine that combines robotics, real-time imaging and a novel energy source into a system that can liquefy and destroy cancer cells inside the body using focused acoustic energy.

HistoSonics has strong Midwestern roots. HistoSonics’ CEO, Mike Blue, lives in the Minneapolis area and is a former sales vice president with Plymouth’s super Dimension, now owned by Medtronic. HistoSonics also has executives in operations, R & D and finance who live in the Twin Cities. The company is headquartered in Michigan, and is based on a technique called histotripsy, invented at the University of Michigan. One of the major investors in this latest funding round was the State of Wisconsin Investment Board.

“HistoSonics plans to expand their operations in the Minneapolis area, where a wealth of med tech engineering and marketing talent resides, while maintaining our presence in Ann Arbor where our R & D has strong roots,” Josh King, vice president of marketing for HistoSonics, said in an e-mail Monday.

HistoSonic’s key therapy, which it calls robotically assisted sonic therapy, “will offer transformative change for both patients and physicians and will help overcome many of the major limitations and side effects of today’s cancer therapies,” Blue said in a news release. “It has also shown great promise to work synergistically with other therapies and platforms, such as drug and immunotherapy, a big focus of our preclinical work, as well as with other surgical robotic platforms.”

By Joe Carlson | Star Tribune

Image Credit: HistoSonics

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.