Insightec said yesterday it raised $150 million in a Series E round of financing led by Koch Industries’ Koch Disruptive Technologies to support its MRI-guided focused ultrasound technologies.
The round was led by Koch Disruptive Technologies and joined by existing investors Elbit Imaging, York Capital, Focus Holdings, GE Healthcare (NYSE:GE), GEOC and Meditech Advisors, the Israel-based company said.
“This investment aligns well with the founding principles of both Koch Disruptive Technologies and Koch Industries. With a track record of driving innovation and improving patient outcomes, Insightec has itself invested and expanded its capabilities to advance surgical medicine to improve the health and quality of life of millions of patients,” KDT prez Chase Koch said in a prepared statement.
“Transformative ideas know no borders and can come from anyone, anywhere. We are well-positioned to harness these breakthroughs happening all over the globe and to also support the next generation of promising entrepreneurs,” Koch Industries prez & CEO Steve Feilmeier said in a press release.
Funds from the round will support further commercialization of its Exablate Neuro device and research in areas such as Parkinson’s disease, Alzheimer’s disease and brain tumors.
The company’s flagship Exablate Neuro device, which won FDA approval last July for treating essential tremor, uses high-intensity, focused ultrasound to thermally ablate targeted tissue, guided by continuous magnetic resonance imaging; the procedure can be performed non-invasively through an intact skull.
“Hospitals around the world are increasingly pursuing incisionless treatment options for their patients using our focused ultrasound therapy. This investment round elevates Insightec into a new strategic position within the health care industry,” Insightec CEO & chair Dr. Maurice Ferré said in prepared remarks.
Last month, Insightec said it won FDA approval to launch a safety and feasibility trial of its Exablate Neuro, testing its ability to disrupt the blood brain barrier in patients with glioblastoma.