Insightec said today it secured a $22 million investment and tapped Dr. Maurice Ferré as its new CEO, with former CEO Kobi Vortman stepping down and taking a seat on the board.
The $22 million comes from a current stakeholder as part of a Series D round of financing, the Israeli company said.
Newly assigned Dr. Ferré previously served as Insightec’s board chair, and brings over 20 years of experience in the medical device industry, the company said. Previous to his time at Insightec, Ferré founded and later served as CEO and board chair at robotic surgical company Mako Surgical, which was sold to Stryker for $1.65 billion in 2013.
“I am very excited to be part of a company which is transforming medical practices as we know today. Insightec is at the forefront of the global shift towards non-invasive procedures. These procedures have the potential to improve patient outcomes, reduce morbidity and trauma while reducing costs. My goal is to lead the company on its path to commercial success,” Dr. Ferré said in a press release.
Exiting CEO Dr. Vortman founded Insightec in 1999, and led the company to the creation of its magentic resonance guided focused ultrasound technology, as well as FDA approval of the device in 2004. according to the company.
“I am extremely pleased with the company’s achievements from its inception back in early 1999 till today. We started with proving our concept then continued to develop our first application for the treatment of uterine fibroids. Today the company offers clinical applications in 3 clinical areas: Women’s Health, Oncology and Neurosurgery, and has over 90 patents and many regulatory approvals. I will continue to support the company as a member of the board and have no doubt that Dr. Ferré will continue to lead the company to its success,” Dr. Vortman said in prepared remarks.