Israeli tumor treatment company InSightec raises $15m. Israeli tumor treatment company InSightec Image Guided Treatment has raised $15 million in a new financing round from its parent company Elbit Imaging.Haifa-based InSightec plans to use the money, half of which will …
Haifa-based InSightec plans to use the money, half of which will be invested now and half over the next 12 months, to expand its R&D, marketing and sales, and for general corporate purposes.
InSightec, which was founded in 1999 by Kobi Vortman and Oded Tamer, has developed a technology called ExAblate, a non-invasive, magnetic resonance-guided focused ultrasound surgery system that thermally ablates, or destroys, tumors inside the body.
In 2004, ExAblate was approved by the Food and Drug Administration (FDA) for treatment of symptomatic uterine fibroids, and in 2007 received EU CE Mark certification for pain palliation of bone metastases.
InSightec has raised $130 million to date from Elbit Medical and Meditech Advisors. Elbit Medical now owns a 56.5 percent share in the company.
In 2008, the company was selected by the World Economic Forum as a technology pioneer for 2008.