InSightec completes additional financing round of $30.9 million
Board of Directors appoints James Davis as new CEO, Tom Gentile appointed as Chairman of Board
TIRAT CARMEL, Israel (December 9, 2012). InSightec Ltd announced that it has completed its Series C financing totaling $30.9 million. In parallel, the Board of Directors has appointed Mr. James (Jim) Davis as the new Chief Executive Officer. Mr. Tom Gentile, President and CEO of GE Healthcare Systems, has been appointed Chairman of the Board of Directors. Dr. Jackob (Kobi) Vortman, who has founded and shepherded the company since its inception, will continue his role as President and also step into a newly created role of Chief Technology Officer, responsible for R&D, Regulatory Affairs and Operations.
Jim Davis joins InSightec after 11 years with GE Healthcare. Jim was Vice President & General Manager of the MRI business for 5 years, and also served as VP & GM of the US Diagnostic Imaging Commercial Organization for 3 years. Prior to that Jim worked in GE Aviation for 10 years. Jim also spent 4 years with McKinsey & Co., a global management consulting firm. He has also been a Director of InSightec for the past 3 years.
“I am delighted to be joining InSightec at this critical juncture. With our 2nd FDA approval for pain palliation of bone metastases and CE marking for neurological disorders now in hand, the future is extremely bright for patients and for InSightec,” said Mr. Davis. “InSightec has pioneered an entirely new industry around a breakthrough therapy platform that uses MRI to guide and control high intensity ultrasound waves to ablate tissue. ExAblate offers patients a completely safe and non-invasive therapeutic option to traditional surgery, minimally invasive therapies or radiation. This option not only provides patients with shorter recovery times, but lowers the cost of care at a time when healthcare systems around the globe are under tremendous stress. The new investment will allow us to expand our global reach as well as continuing research and development and clinical studies.”
Dr. Vortman added: “We are very happy to welcome Jim on board. He has contributed greatly to the company as a member of the Board of Directors, and we believe that he brings unique knowledge of the medical market, a deep understanding of the global marketplace, experience in international business, plus commercial, clinical and technical skills to help InSightec achieve widespread awareness and clinical adoption of this technology.”
The Series C financing round includes an investment of $27.6 million by GE Healthcare and $3.3 million by other investors.
“With this additional investment GE and the other investors have renewed their longstanding commitment to the future of InSightec and focused ultrasound technology,” said Tom Gentile, InSightec’s new chairman of the board.” InSightec continues to demonstrate its leadership and ability to deliver clinically proven, safe and effective therapy systems and creating non-invasive acoustical surgery centers used by multi-disciplinary groups of physicians for multiple clinical disorders.“
InSightec will open US commercial offices in Southeastern Wisconsin, where Jim Davis will be located. The R&D and Operations teams will continue to operate in Israel.
InSightec Ltd. is privately held by Elbit Imaging, General Electric, and MediTech Advisors. Founded in 1999 InSightec developed ExAblate to transform MR-guided Focused Ultrasound (MRgFUS) into a clinically viable technology. ExAblate has won several awards for innovation and its potential to help mankind including The Wall Street Journal Technology Innovation Awards and the European Union's IST grand prize. TIME magazine recently named Focused Ultrasound as "one of 50 best inventions". For more information please visit: http://www.insightec.com
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