The University of Michigan proudly announces another unicorn achievement with HistoSonics, a startup founded in 2009, now valued at $2.25 billion. The company, acquired by a consortium of elite investors, joins a select group of university-born enterprises reaching billion-dollar status. This significant funding boost allows HistoSonics to rapidly expand its Edison Histotripsy System and innovative therapy platform into new clinical areas and global markets.
“I am thrilled about this landmark moment for HistoSonics, the University of Michigan and the patients that will benefit from this increased momentum behind the Edison System,” said Kelly Sexton, associate vice president for research – innovation partnerships and economic impact.
Initially reported two decades ago, histotripsy has evolved into an FDA-cleared treatment for liver tumors and is undergoing clinical trials for renal and pancreatic cancers. This development highlights the power of NIH-funded research, entrepreneurial spirit, and strategic investment in creating transformative healthcare impacts.
The Edison System, cleared by the FDA in October 2023, has treated over 2,000 patients across 50 U.S. medical centers for liver tumors. Ongoing trials are examining its application for renal and pancreatic tumors, with plans for expansion into other disease areas. Utilizing histotripsy, a technique pioneered by U-M researchers, the system offers a noninvasive alternative to surgery by harnessing focused ultrasound to disrupt target tissues.
Professors Charles Cain, Zhen Xu, Timothy Hall, Jonathan Sukovich, J. Brian Fowlkes, and William Woodruff Roberts spearheaded the invention of histotripsy, earning recognition as Distinguished University Innovators of the Year in 2023 for developing market-ready, transformative technologies. HistoSonics’ success in using sound wave energy to eradicate diseased tissue has provided patients with minimally invasive treatments, reducing hospital stays and discomfort.
“One of the best parts about science is turning the impossible to possible,” Xu said. “It has been the challenge and highlight of my lifetime to see our response to a simple question ‘Can we create a non-invasive interventional technology that performs surgery?’ evolve into a platform that is revolutionizing cancer treatment.”
Venture Investors Health Fund, led by Jim Adox, supported HistoSonics through Series A and B investments, with numerous investments in other U-M spin-offs. The University of Michigan, Xu, Hall, Sukovich, Fowlkes, and Roberts hold financial interests in HistoSonics.
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