Tumor treatment co Insightec raises $15m

Parent firm Elbit Imaging made the investment.

InSightec Image Guided Treatment Ltd. has raised $15 million in an internal financing round from its parent Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT). Half the money will be made immediately and half will be invested over the next 12 months. The investment boosts Elbit Imaging's share in the company to 56.5%.

InSightec will use the proceeds to expand R&D, marketing and sales, and for general corporate purposes.

InSightec has raised $130 million to date from Elbit Medical, General Electric Company (NYSE: GE), and Meditech Advisors. GE and Meditech have the right to participate in the additional investment up to their proportional holding in InSightec.

InSightec's ExAblate uses magnetic resonance-guided focused ultrasound technology that combines MRI to visualize anatomy, and plan and monitor treatment of tumors in real time. The US Food and Drug Administration (FDA) approved ExAblate for the treatment of symptomatic uterine fibroids in 2004. The system received EU CE Mark certification for pain palliation of bone metastases in June 2007.

Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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