Israeli device maker InSightec added $12.5 million to its coffers thanks to the support of Chinese backers, the firm’s parent company announced.
Elbit Imaging announced that its InSightec subsidiary sold more than 6.4 million Series D preferred shares to Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Limited, which now own about 5% of the company on a fully diluted basis. Elbit retains 37.6% (33.3% on a fully diluted basis), the company added.
InSightec has been looking to raise funding for its non-invasive ultrasound cancer treatment. Earlier this year the company launched its $50 million Series D funding round, saying that it hoped it the round would reach $62.5 million.
InSightec has 2 primary technologies, the ExAblate O.R. and ExAblate Neuro, which both leverage the company’s MR-guided ultrasound targeting technology. The ExAblate O.R. won its 1st CE Mark approval in the European Union in 2002 and FDA approval in 2004 to treat symptomatic uterine fibroids. The company expanded its European approvals to pain palliation of bone tumors in 2007 and adenomyosis in 2010, and expanded its U.S. approval to pain palliation of bone metastases in 2012.
ExAblate Neuro won CE Mark in 2012 for treatment of neurological disorders such as essential tremor, Parkinson’s and neuropathic pain, expanding to other painful bone indications in 2013.