INSIGHTEC Closes $150 Million Series E Financing
HAIFA, Israel and MIAMI, January 31, 2018 /PRNewswire/ --
INSIGHTEC®, a commercial-stage medical technology company revolutionizing surgery with incisionless MRI-guided focused ultrasound (MRgFUS) announced today the closing of a $150 million Series E private equity investment round. Koch Disruptive Technologies (KDT), a subsidiary of Koch Industries, focused on finding and funding innovative and emerging companies, led the round with a $100 million investment.
INSIGHTEC plans to use the proceeds from the financing to support marketing and commercialization for its approved safe and non-invasive treatments, including Exablate® Neuro for essential tremor (ET), and for continuing research and development towards addressing other brain indications including Parkinson's disease, Alzheimer's disease, and cancer.
"INSIGHTEC is committed to driving global adoption of our existing focused ultrasound treatments, while leading ground-breaking research to apply our proprietary technology in novel ways," said Maurice R. Ferré, MD, INSIGHTEC's Chief Executive Officer and Chairman of the Board. "With this substantial investment, we plan to ultimately leverage our incisionless solutions to positively transform the lives of millions of patients."
INSIGHTEC's Exablate Neuro is the first focused ultrasound device approved by the FDA to safely and non-invasively treat ET in patients that have not responded to medication. Neurosurgeons use the INSIGHTEC device in an incisionless procedure that delivers focused ultrasound beams to the target deep in the brain. Where the beams converge, the temperature rises causing thermal ablation, monitored in real-time with MR imaging. Many patients who have undergone the non-invasive treatment report immediate and lasting relief from their tremor and improved quality of life. There are currently more than forty medical centers around the world treating ET patients and developing future applications with incisionless MRgFUS.
KDT joins existing INSIGHTEC investors including Elbit Imaging, York Capital, Exigent Capital Group, GE Healthcare, GEOC, and Meditech Advisors.
About INSIGHTEC
INSIGHTEC is the world leader and innovator of MRI-guided Focused Ultrasound. The company's non-invasive therapy platforms, Exablate and Exablate Neuro, are proven technology based on sound clinical evidence for treating essential tremor, painful bone metastases and uterine fibroids. The company is dedicated to improving patient lives by collaborating with physicians, medical institutions, academic researchers and regulatory bodies around the world. INSIGHTEC is headquartered in Haifa, Israel, and Miami, with offices in Dallas, Tokyo and Shanghai.
"Exablate," as well as the "INSIGHTEC" logo, whether standing alone or in connection with the word "INSIGHTEC" are protected trademarks of INSIGHTEC.
For more information, please visit: http://www.insightec.com.
MEDIA CONTACT:
MICHELLE BARRY
Red Lorry Yellow Lorry for INSIGHTEC
[email protected]
+1-(857)-217-2886
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