TIRAT CARMEL, Israel, March 19 /PRNewswire/ -- InSightec Ltd. reported today that it has closed an internal round of financing totaling US$15 million from its existing investors.
Elbit Imaging Ltd. (NASDAQ: EMITF) ("EI") has invested US$7.5M on March 18, 2009. Additional US$7.5M would be invested no later than 12 months following the date hereof by its existing investors.
The investment will take the form of Preferred Shares B, which are convertible to InSightec's ordinary shares subject to the fulfillment of certain conditions stipulated in the agreement.
InSightec reported that the funds would be used to expand its research and development efforts, for marketing and sales activities, and for general corporate purposes.
InSightec's President and CEO, Dr. Kobi Vortman said, "We are very proud in the ongoing trust we are receiving from our investors that share our vision that this technology is the enabler of the next generation operating room that will be a non-invasive and outpatient operating room."
"The ExAblate(R) 2000 treatments of uterine fibroids continue to grow
globally with excellent clinical results driving market adoption in more than
70 leading sites globally and over 4500 women treated worldwide. In parallel,
InSightec is expanding its research into the oncology areas: bone metastases,
prostate cancer, breast cancer, liver tumors and brain tumors. Recent
publications have shown that Magnetic Resonance-guided Focused Ultrasound
(MRgFUS) with the ExAblate(R) system has the potential to be an effective
noninvasive pain-relieving treatment for tumors that have spread to the bones
(bone metastases). InSightec is conducting a phase III pivotal trial for the
treatment of pain palliation of bone metastases. In addition, a Fertility
Enhancement study is being perfor
|SOURCE InSightec Ltd|
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