INSIGHTEC LTD. ANNOUNCES $15 MILLION INVESTMENT ROUND
INSIGHTEC Ltd. reported today that it has closed an internal round of financing totalling $15 million from its existing investors.
Elbit Imaging Ltd. (NASDAQ: EMITF) (“EI”) has invested $7.5M on March 18, 2009. Additional $7.5M would be invested no later than 12 months following the date hereof by its existing investors.
The investment will take the form of Preferred Shares B, 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 ”we are very proud in the ongoing trust we are receiving from our investors that share our vision that this technology is the enabler of the next generation operating room that will be a non-invasive and outpatient operating room.”
“The Exablate 2000 treatments of uterine fibroids continue to grow globally with excellent clinical results driving market adoption in more than 70 leading sites globally and over 4500 women treated worldwide. In parallel, InSightec is expanding its research into the oncology areas: bone metastases, prostate cancer, breast cancer, liver tumors and brain tumors. Recent publications have shown that Magnetic Resonance-guided Focused Ultrasound (MRgFUS) with the ExAblate® system has the potential to be an effective noninvasive pain-relieving treatment for tumors that have spread to the bones (bone metastases). InSightec is conducting a phase III pivotal trial for the treatment of pain palliation of bone metastases. In addition, a Fertility Enhancement study is being performed evaluating the potential of Exablate fibroids treatments to enhance fertility when other potential causes of women’s infertility have been ruled out.
The investment will allow acceleration of the technical and clinical research for oncology applications providing improved care for patients around the world.”
INSIGHTEC is the global leader in MRgFUS. The Company, founded in 1999, develops and distributes a non-invasive therapy platform that is transforming medicine. INSIGHTEC is continuously expanding its applications ranging from functional neurosurgery to oncology and gynecology. MRgFUS is embraced by world-renowned physicians in more than 120 medical facilities who applaud both its clinical and economic value. The Company has received numerous innovation awards, among others from the Wall Street Journal and TIME magazine. INSIGHTEC is privately held by GE Healthcare, Elbit Imaging, York Capital Management, GEOC Hengtong Investment Limited Partnership and MediTech Advisors.