InSightec secures $15 million in investments
InSightec Ltd., a subsidiary of Elbit Medical Imaging Ltd., last week inked a deal for an internal round of financing totaling $15 million from its existing investors, including GE Capital Equity Holdings Inc. and MediTech Advisors LP (MTA), a private healthcare advisory firm.
The company stated that its ExAblate 2000 treatments of uterine fibroids grown in use with pleasing clinical results at 30 sites globally. “In parallel InSightec is expanding the research into new oncology areas: bone metastases, breast cancer, liver tumors and brain tumors. The preliminary results from the treatment of bone metastases and breast cancer are demonstrating that this technology has the potential to become an important treatment alternative in these applications,” said Kobi Vortman, Ph.D., president and CEO, InSightec. “The investment will allow acceleration of the technical and clinical research in these new fields. 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," Vortman added.
Generally, InSightec reported that the funds will be used to expand its research and development, marketing, sales activities, and other general corporate purposes.