Israel-based InSightec is looking for a few investors to jump in on its $50 million Series D funding round, saying it’ll use the funds to boost commercial efforts for its non-invasive tumor-targeting ultrasound therapy.
York Capital Management is already lined up to take a chunk out of the $50 million, leaving "limited time" for other prospective funders to jump in on the initial round or to expand fundraising to $62.5 million, InSightec said.
"This capital will enable the expansion of our business through increased investments in market development, sales, marketing and channel partner enablement, to meet global demand for noninvasive treatment alternatives to surgery," CEO Kobi Vortman said in prepared remarks. "In addition to accelerating market penetration, this major financing will give us the funding we need to expand our clinical trials and provide the medical evidence needed to meet regulatory and reimbursement requirements required to pursue our vision."
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.