InSightec Ltd., an Israel-based developer of magnetic resonance-guided focused ultrasound systems for the operating room, has raised $30 million in new VC funding. Return backers include Elbit Industries Ltd., GE Capital Equity Holdings and MediTech Advisors.
InSightec Ltd. today reported that it has closed an internal round of financing totaling $30 million from its existing investors: Elbit Imaging Ltd. (Nasdaq: EMITF), GE Capital Equity Holdings Inc., a subsidiary of General Electric Company (NYSE: GE), MediTech Advisors LLC (“MTA”), a private firm specializing in the healthcare marketplace, and directors and managers of the company.
The investment will take the form of Preferred Shares, which are convertible to InSightec's ordinary shares subject to the fulfillment of certain conditions stipulated in the agreement.
InSightec reported that the funds would be used to expand its research and development efforts, for marketing and sales activities, and for general corporate purposes.
InSightec's President and CEO Dr. Kobi Vortman said, “The ExAblateׂ 2000 treatments of uterine fibroids continue to grow globally with excellent clinical results driving market adoption and with more than 50 leading sites globally. In parallel InSightec is expanding the research into oncology areas: bone metastases, prostate cancer, breast cancer, liver tumors and brain tumors. InSightec has received the European CE approval for pain palliation of bone metastases based on clinical results demonstrating that this technology has the potential to become an important treatment alternative for this patient population and also received from the FDA IDE approval for starting a phase III clinical trial in the US for the treatment of bone metastases. The investment will allow acceleration of the technical and clinical research for oncology applications providing improved care for patients around the world.
The continued support by our current investors is a vote of confidence in the employees, the technology and the vision, and we are proud in it.”
InSightec Ltd. is a privately held company owned by Elbit Imaging, General Electric, MediTech Advisors, LLC and employees. It was founded in 1999 to develop the breakthrough MR guided Focused Ultrasound technology and transform it into the next generation operating room. Headquartered near Haifa, Israel, the company has over 150 employees and has invested more than $100 million in research, development, and clinical investigations. Its U.S. headquarters are located in Dallas, Texas. For more information, please go to: http://www.insightec.com/