The FDA-approved MR guided radiation therapy includes the combination of radiation therapy and a moveable magnet system.

IMRIS chairman and CEO David Graves said the company is building its image guided radiation therapy business and producing essential tools for enhancing MR image targeting in cancer treatments to support radiotherapy utilized by half of all US. cancer patients each year.

"MR is the gold standard in soft tissue imaging accuracy," Graves added.

"Ultimately, we are working to improve treatment targeting so patients in the future may have fewer radiation sessions and experience less damage to healthy tissue adjacent to the target."