Galil Medical is raising $30 million at a company value of $60 milllion, after money.
Elron (Nasdaq: ELRN), which already owns shares in the company, led the financing round, and was apparently joined by a group of investors and other venture capital funds. Galil Medical develops medical equipment for minimally invasive treatment for cancer in various organs. The cryotherapy treatment involves freezing and destroying the tumors.
Galil Medical raised $3 million from Lumenis (Nasdaq: LUME) (formerly ESC Medical) when it was founded in 1997. Galil Medical's treatment is based on the missile cooling technology developed by Rafael (Armament Development Authority), which owns shares in Galil Medical through RDC. Israel Infinity Fund and Pitango Venture Capital also hold shares in Galil Medical.
Galil Medical raised $5 million in 1999 at a company value of $20 million, after money, and $6.5 million in 2000 at a company value of $40 million, after money.
Galil Medical employs 60 staff and maintains a sales office in Boston. Its customers include Hadassah Ein Kerem, Ichilov, and Rambam Hospitals, the Harvard University Hospital, and other hospitals in North America and Europe.
Published by Israel's Business Arena on March 19, 2002