The Edison System delivers pulsed sound energy into the body, without any incisions or needles, to destroy tumors at the sub-cellular level. | Source: HistoSonics
HistoSonics last week announced that a management-led syndicate of private and public investors acquired a majority stake in the company. The syndicate included K5 Global, Bezos Expeditions, Wellington Management, and other new and existing investors.
The transaction valued HistoSonics at approximately $2.25 billion, which the company said positions it for accelerated growth of its Edison System across new clinical indications and global markets. Mike Blue will continue to serve as president and CEO, and he will also assume the role of chairman of the board upon closing.
“Our relentless focus as a company has been speed, scale, and the urgency to offer patients a better option than any they have today,” said Blue. “This new group of partners backs category-defining companies that transform entire industries. Their support gives us the firepower to accelerate our momentum, expand into new clinical indications, and reach even more patients around the world who urgently need our breakthrough therapy.”
HistoSonics has 16 years of histotripsy experience
HistoSonics was founded in 2009 with the goal of developing a non-invasive platform and proprietary sonic beam therapy using the science of histotripsy, which it described as “a novel mechanism of action that uses focused ultrasound to mechanically destroy and liquify unwanted tissue and tumors.”
The company said it is focusing on commercializing Edison in the U.S. and select global markets for liver treatment. HistoSonics has offices in Ann Arbor, Mich., and Minneapolis.
In October 2023, the U.S. Food and Drug Administration granted the company de novo clearance for its robotic system. To date, more than 2,000 patients have been treated by the Edison system at over 50 leading U.S. medical centers, with another 50 planned system installations by year’s end.
In June, HistoSonics announced that Edison secured limited U.K. market access.
Investment to expand applications for Edison
With the stake acquisition, HistoSonics plans to expand beyond its initial focus on liver tumors to preclinical and clinical research for kidney, pancreas, and prostate indications. The company said its long-term vision is to use histotripsy across a wide range of clinical applications throughout the body, treating both benign and malignant conditions.
“What stood out with HistoSonics wasn’t just the technology; it was the speed and clarity with which the team turned a breakthrough into real clinical traction,” said Bryan Baum, co-founder and managing partner of K5 Global. “Hospitals are continuing to order systems, patient demand is surging, and the clinical results speak for themselves.”
“We partnered with HistoSonics because this is one of those rare moments where the science, the execution, and the opportunity all align, and we are here to ensure it reaches every hospital in the world,” he said.
HistoSonics is currently enrolling patients in clinical trials for liver tumors, kidney tumors (HOPE4KIDNEY Trial NCT05820087), and pancreas tumors (GANNON Trial NCT06282809). It plans to start more trials in the near future.
Additional participants in the transaction included Alpha JWC Ventures, as well as existing investors Alpha Wave Ventures, Venture Investors Health Fund, Lumira Ventures, Hatteras Venture Partners, Early Stage Partners, Amzak Health, HealthQuest Capital, Yonjin Venture, the State of Wisconsin Investment Board, the State of Michigan Retirement System, and others.
Johnson & Johnson supported HistoSonics through its corporate venture capital organization, Johnson & Johnson – JJDC Inc.
