InSightec Ltd. Announces US$15 Million Investment Round
TIRAT CARMEL, Mar. 19 /PRNewswire-AsiaNet/ --
InSightec Ltd. reported today that it has closed an internal round of
financing totaling US$15 million from its existing investors.
Elbit Imaging Ltd. (NASDAQ: EMITF) ("EI") has invested US$7.5M on March
18, 2009. Additional US$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(R) 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(R) 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."
About ExAblate(R) 2000
ExAblate is the first system to use the MR guided focused ultrasound
technology that combines MRI - to visualize the body anatomy, 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. The ExAblate system
was approved by the U.S. Food and Drug Administration in 2004 as a treatment
for symptomatic uterine fibroids. Over 4,500 women have been treated world
wide to date. ExAblate(R) 2000 received the European CE Mark certification
for pain palliation of bone metastases in June 2007.
About InSightec
InSightec Ltd. is a privately held company owned by Elbit Imaging, GE,
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 160 employees and has invested more than US$120 million in
research, development, and clinical investigations. Its U.S. headquarters are
located in Dallas, Texas. For more information, please go to:
Contact Information:
InSightec Ltd.
Tel: +972-4-813-1313
Email: info@insightec.com
For media inquiries:
Hollister Hovey
Lazar Partners, Ltd.
Tel: +1-212-867-1762
Email: hhovey@lazarpartners.com
Source: InSightec Ltd
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