UltraShape confirms it raised $15m

The company uses focused ultrasound to remove fatty tissue.

UltraShape Inc. has confirmed that it raised $15.1 million in a financing round. “Globes” first reported the financing round a few weeks ago.

New investor Meritech Capital Partners led the round, joined by both previous investors, Israel Seed Partners and Polaris Venture Partners.

UltraShape develops, manufactures, and markets innovative non-invasive technologies for body contouring. The system uses focused ultrasound that targets and selectively disrupts fat cells without affecting surrounding structures. The company has permits for the sale of its products in most countries around the world, including in Europe and Canada. However, the US Food and Drug Administration (FDA) has not yet cleared the products for use in the US.

UltraShape CEO Rodger Stewart recently said that the company was considering an IPO on Nasdaq.

Meritech managing director Rob Ward said, “Our style of investing targets late-stage companies that are best in class. We have been very impressed by UltraShape’s technology, its ability to penetrate global markets and its management team, and are very confident that UltraShape will maintain its leadership position in the field of non-invasive body contouring solutions.”

Meritech manages $2.2 billion.

Published by Globes [online], Israel business news - www.globes.co.il - on September 6, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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