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News Release - February 11, 2021
Penn State Health Purchases Second ViewRay MRIdian(R) LinacOrder is part of a Master Agreement for the Purchase of up to Four MRIdian Systems
CLEVELAND, Feb. 11, 2021 -- (Healthcare Sales & Marketing Network) -- ViewRay, Inc. (Nasdaq: VRAY) announced today that Penn State Health has purchased a second MRIdian Linac joining other pioneering institutions from around the globe investing in multiple MRIdian systems. Penn State Health's first MRIdian Linac will be installed at the Penn State Health Milton S. Hershey Medical Center.
Penn State Health is a nationally ranked premier health care provider on the east coast and a world-leading medical research institution. Penn State Health approaches cancer treatment with a comprehensive, integrated program focused on education and prevention, early detection and diagnosis, and effective treatment and survivorship programs.
"We're excited to add a second MRIdian system to allow greater access to this personalized, precise radiation therapy for more patients in our health system," said Rodney J. Ellis, M.D., Chair of the Department of Radiation Oncology at Penn State Health. "MRIdian will be part of our standard of care for high quality radiation therapy across our healthcare networks and cancer centers. We now have the opportunity to expand our research collaboration with ViewRay and the community of MRIdian users as a leading site on the ViewRay Genitourinary Consortium. We are positioned to execute cutting-edge technical research projects on enhanced imaging techniques and novel clinical work to demonstrate MRIdian's capabilities in addressing the needs of cancer patients."
ViewRay is committed to advancing the practice of MR-guided radiation therapy. In service of this goal, the company has established research consortiums where thought leaders can collaborate on treatment strategies and research projects aimed at generating evidence and protocols to assist MRIdian centers in bringing the best possible care to patients.
Unlike conventional radiation therapy systems, MRIdian combines an MRI with a radiation therapy system. Together with other technical innovations, this offers advantages for the delivery of radiotherapy, including the ability to see the target and surrounding tissue during treatment, adapt therapy in real-time to respond to changes in patient anatomy continuous tracking of the target during treatment, and automatic pausing of the radiation if the target moves from the expected location. As a result, the system delivers radiation to the target while protecting the surrounding healthy tissue from damage.
"With MRIdian we can visualize organs and structures inside the body in real-time, helping us improve the accuracy of radiation therapy we're delivering, particularly in areas of the body that are subject to motion or organ deformation such as the lung or liver," said Bryan Traughber, M.D., Vice Chair of the Department of Radiation Oncology at Penn State Health. "This precision allows us to treat patients who may not have been a candidate for radiation therapy previously, or to deliver treatments in fewer sessions. It opens new doors for our cancer program and for the patients we serve."
Currently, 41 MRIdian systems are installed at hospitals around the world where they are used to treat a wide variety of solid tumors and are the focus of numerous ongoing research efforts. MRIdian has been the subject of hundreds of peer-reviewed publications, scientific meeting abstracts, and presentations. More than 11,000 patients have been treated with MRIdian. For a list of treatment centers, please visit: https://viewray.com/find-mridian-mri-guided-radiation-therapy/
About Penn State Health
Penn State Health is a multi-hospital health system serving patients and communities across 29 counties in central Pennsylvania. It employs more than 16,800 people systemwide. The system includes Penn State Health Milton S. Hershey Medical Center, Penn State Children's Hospital and Penn State Cancer Institute based in Hershey, Pa.; Penn State Health Holy Spirit Medical Center in Camp Hill, Pa.; Penn State Health St. Joseph Medical Center in Reading, Pa.; and more than 2,300 physicians and direct care providers at more than 125 medical office locations. Additionally, the system jointly operates various health care providers, including Penn State Health Rehabilitation Hospital, Hershey Outpatient Surgery Center, Hershey Endoscopy Center, Horizon Home Healthcare and Pennsylvania Psychiatric Institute. In December 2017, Penn State Health partnered with Highmark Health to facilitate creation of a value-based, community care network in the region. Penn State Health shares an integrated strategic plan and operations with Penn State College of Medicine, the University's medical school.
ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures and markets the MRIdian radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the rate of new orders, upgrades, and installations, ViewRay's anticipated future operating and financial performance, and ViewRay's conference calls to discuss its quarterly results. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the recent COVID-19 (coronavirus) pandemic, including its impacts across our businesses on demand, operations and our global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Reports on Form 10-Q, as updated periodically with the company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
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