Funding: InSightec closes $30.9 million Series C round

InSightec picked off $30.9 million in a Series C financing round, led by a $27.6 million investment from GE Healthcare and $3.3 million by other investors, the company said.

In addition, the Israeli-based ultrasound maker also named VP & general manager of the MRI business James Davis as new CEO and Tom Gentile as chairman of board. Gentile most recently was
president & CEO of GE Healthcare.

"With this additional investment GE and the other investors have renewed their longstanding commitment to the future of InSightec and focused ultrasound technology," Gentile said in prepared release. " InSightec continues to demonstrate its leadership and ability to deliver clinically proven, safe and effective therapy systems and creating non-invasive acoustical surgery centers used by multi-disciplinary groups of physicians for multiple clinical disorders."

InSightec will place Davis at the company’s new U.S. commercial offices in Southeastern Wisconsin.

In a seperate release, InSightec’s ExAblate Neuro in treatment of medication resistant Parkinson’s disease received CE Marked approval in European Union.

The non-invasive transcranial focused ultrasound system ExAblate Neuro aims to destroy specific neural pathways associated with movement disorders in order to treat neurological disorders in the brain, including essential tremor, Parkinson’s disease and neuropathic pain, according to the press release.

"ExAblate offers great potential for treating brain disorders," president Dr. Kobi Vortman said in prepared remarks. "Because of its targeting accuracy, real time treatment monitoring and ability to provide non- invasive brain treatment, there is hope that many people who suffer from neurological diseases can benefit from this treatment."

The FDA in August approved clinical trials of InSightec’s ExAblate Neuro.

The brain ultrasound study showed many of patients experienced immediate symptom improvement with a high safety profile, Vortman added.

InSightec in October also landed FDA approval to treat painful bone metastases with its ExAblate ultrasound-based therapy.

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