Israeli MRI guided ultrasound company Insightec has announced the signing of definitive agreements for a Series F investment round of up to $150 million at a post-money valuation of $1.3 billion. Koch Disruptive Technologies (KDT), a subsidiary of Koch Industries is leading the round and has committed to invest $100 million at an initial closing to follow shareholder approval. This is KDT's second direct investment in Insightec.
Haifa based Insightec's Exablate Neuro incisionless neurosurgery platform is the first MR-guided focused ultrasound device approved by the FDA to treat certain movement disorders in patients suffering from essential tremor and tremor-dominant Parkinson's disease who have not responded to medications. The financing will support continued research to evaluate focused ultrasound to treat these and other disorders.
Insightec CEO and chairman Maurice Ferre said, "Our partnership with KDT and other investors is helping to fuel our momentum as a rapidly growing number of medical institutions adopt our focused ultrasound technology. This new investment demonstrates our investors' commitment to help drive the next generation of focused ultrasound."
"Insightrec's focused ultrasound technology is disrupting the way surgery has been performed for generations," said Chase Koch, President of Koch Disruptive Technologies. "KDT is focused on empowering innovative companies and helping them realize their potential to improve the lives of millions of people."
Published by Globes, Israel business news - en.globes.co.il - on March 8, 2020
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