TIRAT CARMET, Israel, Nov. 29 /CNW/ - InSightec Ltd. today reported that
it has closed an internal round of financing totaling US$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
InSightec's President and CEO Dr. Kobi Vortman said, "The ExAblate(r)
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
US$100 million in research, development, and clinical investigations. Its U.S.
headquarters are located in Dallas, Texas. For more information, please go to:
The ExAblate(r) is the first system to use the breakthrough MRgFUS
technology that combines MRI - to visualize tissues in the body, plan the
treatment and monitor treatment outcome in real time - and high intensity
focused ultrasound to thermally ablate tumors inside the body non-invasively.
MR thermometry, provided uniquely by the system, allows the physician to
control and adjust the treatment in real time to ensure that the targeted
tumor is fully treated and surrounding tissue is spared. ExAblate received FDA
approval for the treatment of symptomatic uterine fibroids in October 2004.
ExAblate has been recognized for its innovation and potential to serve mankind
and has been awarded the 2004 European Union's Information Society
Technologies grand prize, The Wall Street Journal's 2004 Technology Innovation
Awards, Advanced Imaging's 2005 Solutions of the Year, the Red Herring 100
Europe 2007 Award.
For further information:
For further information: InSightec Ltd., http://www.insightec.com, Tel:
+972-4-813-1313, Email: firstname.lastname@example.org; For media inquiries: Fern Lazar,
Lazar Partners, Ltd., Tel: (212) 867-1762, Email: email@example.com