ViewRay Relocates to Cleveland Plus Region
2/25/2008
ViewRay Incorporated, a medical device manufacturer of the first, real-time image guided radiation therapy (IGRT) system, today announced a move of their headquarters from Gainesville, Florida to Cleveland. The company will hire 25 professionals within the first year and will fill 90 positions within three years. The company recently announced a $25 million Series B financing. The venture investors advised the company to consider Cleveland as a potential location.
According to ViewRay CEO William Wells, the company chose the Cleveland region after a careful review of several bioscience hotbeds, including Boston, Research Triangle, Atlanta, and the Bay Area. The company stated a key factor that led to their decision was the State of Ohio’s commitment to and infrastructure in supporting bioscience companies. Mr. Wells was impressed with the team approach in Cleveland and Ohio. “Lt. Governor Lee Fisher was instrumental in our decision making process,” Wells said. “The state’s commitment to the bioscience industry is encouraging and leads me to believe that our company will prosper here.” Wells also noted the unique opportunity to work with established engineering teams in medical imaging, world-class clinical institutions, and the region’s cluster of start-ups as additional reasons.
“Ohio is making incredible strides in the biosciences, attracting companies like ViewRay that are pioneers in ground-breaking products that will save lives and transform the industry,” said Lieutenant Governor Lee Fisher, who also serves as Director of the Ohio Department of Development. “This collaborative effort between Cuyahoga County, TeamNEO, BioOhio, BioEnterprise and a number of our other partners highlights the region’s continuing commitment to growing this sector. We are pleased to welcome ViewRay to Ohio and will continue to strengthen Ohio’s leadership in this thriving industry that supports the local economy and improves lives around the globe.”
“This new business represents yet another addition to an already impressive roster of medical imaging companies and continues to demonstrate the region’s leading role in the health care sector,” said Tom Waltermire, chief executive officer of Team NEO. “We have all the components to help ViewRay grow their business.”
“Landing ViewRay represents a significant milestone for the region as venture firms advised a bioscience company to consider Cleveland as a part of their investment decision,” said Baiju R. Shah, President & CEO of BioEnterprise. “We look forward to continuing to work with ViewRay and their investors in developing their business.”
The company recruitment was a cooperative effort led locally by the State of Ohio, Team NEO, and BioEnterprise, and supported by local and state institutions and BioOhio.
About ViewRay
Founded in 2004, ViewRay Incorporated is a venture-backed medical device manufacturer that recently closed $25 million in a series B financing round. The company holds the exclusive worldwide license for its Renaissance™ System 1000 technology. The Renaissance System was invented by James F. Dempsey, Ph.D., associate professor in the Department of Radiation Oncology at the University of Florida. The company is located in Cleveland, Ohio.
Contact Information:
William Wells
Chief Executive Officer
ViewRay Incorporated
678.469.6181 (office)
wwwells@viewray.com
www.viewray.com
About Team NEO
Team NEO markets Northeast Ohio to attract business investment in targeted industry clusters. The organization is a joint venture of the largest metropolitan area chambers, representing 4 million people in 16 counties. Team NEO serves as a central resource, informing and serving those considering investment in Northeast Ohio and is a co-founder of the Cleveland Plus Marketing Alliance, a coalition to drive strategic, long-term marketing for Northeast Ohio.
Contact Information:
Nina Holliday
Team NEO
216.363.5428
nholliday@teamneo.org
www.teamneo.org.
About BioEnterprise
BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to health care companies. BioEnterprise's partners are Case Western Reserve University, The Cleveland Clinic Foundation, University Hospitals Health System, and Summa Health System. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.
The BioEnterprise Initiative comprises the collaborative activities of BioEnterprise Corporation, the Case Western Reserve University Technology Transfer Office, Cleveland Clinic Innovations, and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 60 companies in four years.
Contact Information:
Annette Ballou
BioEnterprise
216.658.4524
aballou@bioenterprise.com
www.bioenterprise.com
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