Israel’s InSightec developer of high intense ultrasound devices called MR-guided Focused Ultrasound (MRgFUS), announced that it closed on a $59 Million Series D financing led by major institutional investors in the United States and Asia. The company says that it will use the new funds to continue to expand its technologies.
The company has also announced that Dr. Maurice R. Ferré will join the InSightec leadership team as its newly appointed Executive Chairman of the Board of Directors. Dr. Ferré comes with over 20 years of experience in the medical device field and most recently served as CEO and Chairman of MAKO Surgical Corp.
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The Company, founded in 1999, has developed a completely non-invasive therapy platform that transforms medicine in an expanding number of neurosurgery, oncology and gynecology indications. InSightec boasts that MRgFUS has already been adopted and used by world recognized physicians in more than 120 leading medical facilities around the world, who see the tremendous clinical and economical value of the InSightec therapy platform.
“I am very excited to be part of the Company transforming the way surgery is being performed. InSightec is at the forefront of the global shift towards non-invasive surgery that has the potential to improve patient outcomes, reduce morbidity and trauma while also reducing cost. The $59 million round of financing assures that InSightec’s impressive series of technological breakthroughs will continue. I am impressed that the Company just completed enrollment of an FDA pivotal study for the neurosurgical application of Essential Tremors. InSightec will change the face of medicine and open a new therapeutic horizon that will benefit millions of patients, ” said Dr. Ferré.
“We are pleased and honored to welcome Maurice to our board as our Executive Chairman, ” said Dr. Kobi Vortman, InSightec’s CEO. “He has an impressive track record of building transformational companies. Maurice’s commercial and clinical skills will help InSightec achieve widespread awareness and commercial adoption of our technology.”
Separately, InSightec announced that the option for existing shareholders to invest additional equity of $3.5 million into InSightec has been extended through January 30, 2015.