A Diagnostics & Imaging Week
InSightec (Tirat Carmel, Israel) reported that it has closed an internal round of financing totaling $15 million from its existing investors.
Elbit Imaging invested $7.5 million on Wednesday. An additional $7.5 million will be invested by its existing investors within the next 12 months, InSightec said.
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 R&D efforts, for marketing and sales activities, and for general corporate purposes.
"We are very proud [of] 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," said President/CEO Dr. Kobi Vortman.
Kortman said that the ExAblate 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 4,500 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. Kortman noted that recent publications have shown that magnetic resonance-guided focused ultrasound (MRgFUS) with the ExAblate 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," Kortman said.
According to the company, the 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 FDA in 2004 as a treatment for symptomatic uterine fibroids. ExAblate 2000 received the European CE Mark certification for pain palliation of bone metastases in June 2007.
InSightec is a privately held company owned by Elbit Imaging, GE Healthcare, MediTech Advisors, and employees.