Post by icemandios on Mar 10, 2022 2:58:45 GMT
ViewRay Enters into Cooperation Agreement with Hudson Executive Capital
PR Newswire
CLEVELAND , March 9, 2022 /PRNewswire/ -- ViewRay, Inc. (NASDAQ: VRAY) today announced that it has reached an agreement with Hudson Executive Capital LP ("HEC") to appoint Susan Schnabel to the ViewRay Board of Directors (the "Board") as an independent director, effective as of March 8, 2022 .
Ms. Schnabel brings significant financial and operational experience to the Board and has worked with numerous companies in executing value-generative transformation and advancing profitable innovation.
In addition, ViewRay has retained Sai Nanduri, a Senior Investment Analyst and representative of HEC, as a consultant to work with the Company to enhance shareholder returns. The Company has agreed to consider Mr. Nanduri as a candidate for election to the Board at the 2023 annual stockholder meeting.
"ViewRay prides itself on its commitment to strong corporate governance and shareholder engagement. We look forward to welcoming Ms. Schnabel to our Board and working with Mr. Nanduri," said Scott Drake , President, Chief Executive Officer and Director of ViewRay. "This is an important time for ViewRay, and we are eager to benefit from their perspectives and valuable insights as we continue leveraging our clinical, innovation and commercial strength and positioning our company to capture significant opportunities."
"We believe Ms. Schnabel will bring valuable perspectives to the Board that will help the Company on its mission," said Douglas Braunstein , Co-Managing Partner of HEC. "We appreciate the opportunity to continue to work collaboratively with the Company and look forward to continuing our engagement with the Company to enhance shareholder value."
In connection with this announcement, ViewRay has entered into a cooperation agreement with HEC, which currently owns approximately 8.8% of the Company's outstanding common stock.
Pursuant to its agreement with ViewRay, HEC has agreed to customary standstill and voting commitments, among other provisions. The full agreement between HEC and ViewRay will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.
Separately, ViewRay also announced that Mr. Kevin Xie has tendered his resignation from the ViewRay Board effective March 8, 2022 . "On behalf of ViewRay, I wish to thank Kevin for his valuable contributions and partnership, and we wish him continued success," said Dan Moore , Chairman of the Board of ViewRay.
The Board will continue to consist of 9 members, eight of whom are independent.
About Susan Schnabel
Susan C. Schnabel is a founder and has served as the Co-Managing Partner of aPriori Capital Partners since 2014. Prior to forming aPriori Capital, Ms. Schnabel worked at Credit Suisse from 2000 to 2014 where she served as Managing Director in the Asset Management Division and Co-Head of DLJ Merchant Banking. Ms. Schnabel currently serves on the board of directors of Altice USA , Inc. and Kayne Anderson BDC. She served on the board of directors of Versum Materials, Inc. from 2016 through 2019 and has significant other board experience with private and public companies. Ms. Schnabel also serves on the Cornell University Board of Trustees (Investment and Finance Committees), the California Institute of Technology Investment Committee and the Board of Directors of the US Olympic & Paralympic Foundation (Finance Committee). Ms. Schnabel received a bachelor of science in chemical engineering from Cornell University and a masters of business administration from Harvard Business School .
About ViewRay
ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdiaN® MRI-Guided 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.
About Hudson Executive Capital
Hudson Executive Capital ("HEC") is a New York City -based value-oriented investor focused on engaging with US small and mid-cap public companies with identified and actionable opportunities to create outsized returns. Seasoned operating executives Douglas Braunstein and Douglas Bergeron lead an experienced investment team to help companies catalyze value and drive returns. A group of 30+ current and former public company CEOs are LPs in the fund and support all aspects of the investment model, including idea generation, investment due diligence, and execution. For more information about HEC, please visit www.hudsonexecutive.com .
Advisors
Cravath, Swaine & Moore LLP is serving as legal advisor to ViewRay. Cadwalader, Wickersham & Taft LLP is serving as legal advisor to HEC.
PR Newswire
CLEVELAND , March 9, 2022 /PRNewswire/ -- ViewRay, Inc. (NASDAQ: VRAY) today announced that it has reached an agreement with Hudson Executive Capital LP ("HEC") to appoint Susan Schnabel to the ViewRay Board of Directors (the "Board") as an independent director, effective as of March 8, 2022 .
Ms. Schnabel brings significant financial and operational experience to the Board and has worked with numerous companies in executing value-generative transformation and advancing profitable innovation.
In addition, ViewRay has retained Sai Nanduri, a Senior Investment Analyst and representative of HEC, as a consultant to work with the Company to enhance shareholder returns. The Company has agreed to consider Mr. Nanduri as a candidate for election to the Board at the 2023 annual stockholder meeting.
"ViewRay prides itself on its commitment to strong corporate governance and shareholder engagement. We look forward to welcoming Ms. Schnabel to our Board and working with Mr. Nanduri," said Scott Drake , President, Chief Executive Officer and Director of ViewRay. "This is an important time for ViewRay, and we are eager to benefit from their perspectives and valuable insights as we continue leveraging our clinical, innovation and commercial strength and positioning our company to capture significant opportunities."
"We believe Ms. Schnabel will bring valuable perspectives to the Board that will help the Company on its mission," said Douglas Braunstein , Co-Managing Partner of HEC. "We appreciate the opportunity to continue to work collaboratively with the Company and look forward to continuing our engagement with the Company to enhance shareholder value."
In connection with this announcement, ViewRay has entered into a cooperation agreement with HEC, which currently owns approximately 8.8% of the Company's outstanding common stock.
Pursuant to its agreement with ViewRay, HEC has agreed to customary standstill and voting commitments, among other provisions. The full agreement between HEC and ViewRay will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.
Separately, ViewRay also announced that Mr. Kevin Xie has tendered his resignation from the ViewRay Board effective March 8, 2022 . "On behalf of ViewRay, I wish to thank Kevin for his valuable contributions and partnership, and we wish him continued success," said Dan Moore , Chairman of the Board of ViewRay.
The Board will continue to consist of 9 members, eight of whom are independent.
About Susan Schnabel
Susan C. Schnabel is a founder and has served as the Co-Managing Partner of aPriori Capital Partners since 2014. Prior to forming aPriori Capital, Ms. Schnabel worked at Credit Suisse from 2000 to 2014 where she served as Managing Director in the Asset Management Division and Co-Head of DLJ Merchant Banking. Ms. Schnabel currently serves on the board of directors of Altice USA , Inc. and Kayne Anderson BDC. She served on the board of directors of Versum Materials, Inc. from 2016 through 2019 and has significant other board experience with private and public companies. Ms. Schnabel also serves on the Cornell University Board of Trustees (Investment and Finance Committees), the California Institute of Technology Investment Committee and the Board of Directors of the US Olympic & Paralympic Foundation (Finance Committee). Ms. Schnabel received a bachelor of science in chemical engineering from Cornell University and a masters of business administration from Harvard Business School .
About ViewRay
ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdiaN® MRI-Guided 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.
About Hudson Executive Capital
Hudson Executive Capital ("HEC") is a New York City -based value-oriented investor focused on engaging with US small and mid-cap public companies with identified and actionable opportunities to create outsized returns. Seasoned operating executives Douglas Braunstein and Douglas Bergeron lead an experienced investment team to help companies catalyze value and drive returns. A group of 30+ current and former public company CEOs are LPs in the fund and support all aspects of the investment model, including idea generation, investment due diligence, and execution. For more information about HEC, please visit www.hudsonexecutive.com .
Advisors
Cravath, Swaine & Moore LLP is serving as legal advisor to ViewRay. Cadwalader, Wickersham & Taft LLP is serving as legal advisor to HEC.