InSightec Announces a New Series D Funding of $50 Million

TIRAT CARMEL, Israel, June 30, 2014 InSightec, the global leader and pioneer in MR-guided focused ultrasound (MRgFUS) therapy for the non-invasive treatment of tumors, announced today that it is raising $50 million in its current D round of capital investment. The investment will be used to accelerate market development and strengthen the implementation of InSightec's strategy developing the next generation non-invasive operating room.

The investment is done by York Capital Management, a new investor in the company, leaving a limited time offer for other investors to invest in the current round either by taking part of the $50 Million or expanding the investment to $62.5 Million. InSightec's pre-money valuation of the current round is $200 million.

"Having York Capital Management as one of InSightec's investors adds business savviness and a significant added value to the InSightec's Board of Directors. It is also a vote of confidence in InSightec," said Kobi Vortman, Ph.D., CEO of InSightec. "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," Dr. Vortman, added. "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," he concluded.

Jeremy Blank from York Capital said "InSightec has undoubtedly provided clinical evidence for its efficacy in non-invasive treatments of multiple indications and continues to expand its clinical usage. We are gratified to help provide the company with the means to effectively go to market, bringing the technology and treatments they have developed to physicians and thousands of patients." "We see this investment as a vote of confidence in InSightec, its technology and its future", said Tom Gentile, Chairperson of the Board of InSightec. "This capital will also be highly instrumental for achieving a commercial success," he added.