Koch Disruptive Technologies to Lead $150 Million Investment of INSIGHTEC
The medical device company is transforming neurological treatments through its non-invasive focused ultrasound applications
Dec 14, 2017, 06:35 ET
WICHITA, Kansas and HAIFA, Israel, Dec. 14, 2017 /PRNewswire/ -- Koch Disruptive Technologies, a subsidiary of Koch Industries focused on finding and funding innovative and emerging companies, is the lead investor in a $150 million Series E funding round for INSIGHTEC, a commercial-stage medical device company revolutionizing surgery with MRI-guided focused ultrasound.
The investment, announced Thursday, will allow the company to further commercialize its approved indications, as well as continue research in areas such as Parkinson's disease, Alzheimer's disease and brain tumors, using the company's breakthrough technology to deliver treatment in a non-invasive way. It is also the first investment for Koch Disruptive Technologies since the business group, led by KDT President Chase Koch, commenced operations in November.
"This investment aligns well with the founding principles of both Koch Disruptive Technologies and Koch Industries," said Koch. "With a track record of driving innovation and improving patient outcomes, INSIGHTEC has itself invested and expanded its capabilities to advance surgical medicine to improve the health and quality of life of millions of patients."
"Hospitals around the world are increasingly pursuing incisionless treatment options for their patients using our focused ultrasound therapy," said Maurice R. Ferré, MD, INSIGHTEC's CEO and Chairman of the Board, who has led multiple transformative medical technology companies throughout his career. "This investment round elevates INSIGHTEC into a new strategic position within the health care industry."
INSIGHTEC's Exablate Neuro is the first focused ultrasound device approved by the FDA to treat essential tremor that has not responded to medication and recently received the Best Medical Technology award by Prix Galien. The company surpassed the 1,000th patient milestone earlier this year, as essential tremor patients are routinely being treated with focused ultrasound at 40 medical centers around the world.
With more than 20,000 procedures for a range of clinical applications already performed with its technology, this investment will allow INSIGHTEC to drive further uses of MR-guided ultrasound to treat Parkinson's disease, prostate cancer, liver cancer and pancreatic cancer. Clinical research with the company's technology has already successfully disrupted the blood-brain barrier, which holds the potential for targeted drug delivery to treat Alzheimer's disease and brain tumors.
"Transformative ideas know no borders and can come from anyone, anywhere," said Steve Feilmeier, Executive President and CFO, Koch Industries, Inc. "We are well-positioned to harness these breakthroughs happening all over the globe and to also support the next generation of promising entrepreneurs."
Jefferies LLC, the global investment banking firm, advised INSIGHTEC for the investment round. Existing investors in INSIGHTEC include Elbit Imaging, York Capital, Focus Holdings, GE Healthcare, GEOC, and Meditech Advisors. INSIGHTEC is headquartered in Haifa, Israel, and Miami, with offices in Dallas, Tokyo and Shanghai.
About Koch Industries
Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America with estimated annual revenues as high as $100 billion, according to Forbes. It owns a diverse group of companies involved in refining, chemicals, and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronics; information systems; commodity trading; minerals; energy; glass; ranching; and investments. Since 2003, Koch companies have invested more than $80 billion in acquisitions and other capital expenditures. With a presence in about 60 countries, Koch companies employ more than 120,000 people worldwide, with about 70,000 of those in the United States. From January 2009 to present, Koch companies have earned more than 1,200 awards for safety, environmental excellence, community stewardship, innovation, and customer service. For more news and stories, visit www.kochnews.com.
About Koch Disruptive Technologies
Founded in November 2017 upon the spirit of transformation, Koch Disruptive Technologies originates and invests in promising entrepreneurs and technologies across industries to improve Koch's existing businesses and create new opportunities. Learn more: http://news.kochind.com/news/2017/koch-disruptive-technologies-ready-to-transform
About INSIGHTEC
INSIGHTEC is the world leader and innovator of MR-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.
For more information, please visit: www.insightec.com
Media Contacts:
Michelle Barry
Red Lorry Yellow Lorry for INSIGHTEC
[email protected]
(857)217-2886
David Dziok
Koch Industries
[email protected]
(202)879-8575
SOURCE INSIGHTEC and Koch Disruptive Technologies