InSightec Announces a New Series D Funding of $50 Million to Accelerate Market Development of MR-Guided Focused Ultrasound Noninvasive Treatments
TIRAT CARMEL, Israel, June 30, 2014 /PRNewswire/ --
InSightec, the global leader and pioneer in MR-guided focused ultrasound (MRgFUS) therapy for the non-invasive treatment of tumors, announced today that it is raising $50 million in its current D round of capital investment. The investment will be used to accelerate market development and strengthen the implementation of InSightec's strategy developing the next generation non-invasive operating room.
The investment is done by York Capital Management, a new investor in the company, leaving a limited time offer for other investors to invest in the current round either by taking part of the $50 Million or expanding the investment to $62.5 Million. InSightec's pre-money valuation of the current round is $200 million.
"Having York Capital Management as one of InSightec's investors adds business savviness and a significant added value to the InSightec's Board of Directors. It is also a vote of confidence in InSightec," said Kobi Vortman, Ph.D., CEO of InSightec.
"This capital will enable the expansion of our business through increased investments in market development, sales, marketing and channel partner enablement, to meet global demand for noninvasive treatment alternatives to surgery," Dr. Vortman, added. "In addition to accelerating market penetration, this major financing will give us the funding we need to expand our clinical trials and provide the medical evidence needed to meet regulatory and reimbursement requirements required to pursue our vision," he concluded.
Jeremy Blank from York Capital said "InSightec has undoubtedly provided clinical evidence for its efficacy in non-invasive treatments of multiple indications and continues to expand its clinical usage. We are gratified to help provide the company with the means to effectively go to market, bringing the technology and treatments they have developed to physicians and thousands of patients."
"We see this investment as a vote of confidence in InSightec, its technology and its future", said Tom Gentile, Chairperson of the Board of InSightec. "This capital will also be highly instrumental for achieving a commercial success," he added.
InSightec Ltd. is privately held by Elbit Imaging, General Electric, and MediTech Advisors. Founded in 1999 InSightec developed ExAblate to transform MRI-guided Focused Ultrasound (MRgFUS) into a clinically viable technology. ExAblate has won several awards for innovation and its potential to help mankind including The Wall Street Journal Technology Innovation Awards and the European Union's IST grand prize. TIME magazine recently named Focused Ultrasound as "one of 50 best inventions." For more please visit: http://us.insightec.com/
ABOUT ELBIT IMAGING
Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii) Hotels - Hotel operation and management; (iii) Medical Industries - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (iv) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; (v) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel.
ABOUT YORK CAPITAL MANAGEMENT
York Capital Management is a global investment management firm with primary offices in New York, London and Hong Kong. The firm, founded in 1991 by James G. Dinan, manages over $23 billion employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.
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SOURCE InSightec Ltd