By Will Feuer
ViewRay, which makes the MRIdian radiation-therapy system, said it has filed for bankruptcy and plans to sell some or all of its assets.
The company said it has received a commitment of about $6 million in debtor-in-possession financing from MidCap Financial Services. That, along with existing liquidity, should be enough to support operations through the Chapter 11 process.
The company said Scott Drake has stepped down as chief executive officer, but will remain on the board. ViewRay named Paul Ziegler, who has been the chief commercial officer, as CEO.
"Despite the operating challenges, MRIdian has facilitated real societal value and remains critically important for a broad population of cancer patients, including those who were previously considered untreatable," Ziegler said.
The company earlier this year has cited challenges that include macroeconomic pressures and delayed installation schedules.
Shares of ViewRay fell almost 39% to 22 cents a share in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 17, 2023 07:16 ET (11:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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