INSIGHTEC Secures $59 Million in Equity Financing and Appoints Maurice R. Ferré, M.D., as Executive Chairman of the Board

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Dec 15, 2014, 09:01 ET

TIRAT CARMEL, Israel, December 15, 2014 /PRNewswire/ --

INSIGHTEC announced today that it closed on a $59 Million Series D financing led by major institutional investors in the United States and Asia.

Dr. Maurice R. Ferré, a seasoned medical device executive, will join the INSIGHTEC leadership team as its newly appointed Executive Chairman of the Board of Directors. Dr. Ferré comes with over 20 years of experience in the medical device field. Dr. Ferré most recently served as CEO and Chairman of MAKO Surgical Corp, a transformational robotic surgical company that he co-founded in 2004, IPO'd in 2008 and recently sold to Stryker Corp. for $1.65 billion in late 2013.

"I am very excited to be part of the Company transforming the way surgery is being performed. INSIGHTEC is at the forefront of the global shift towards non-invasive surgery that has the potential to improve patient outcomes, reduce morbidity and trauma while also reducing cost. The $59 million round of financing assures that INSIGHTEC's impressive series of technological breakthroughs will continue. I am impressed that the Company just completed enrollment of an FDA pivotal study for the neurosurgical application of Essential Tremors. INSIGHTEC will change the face of medicine and open a new therapeutic horizon that will benefit millions of patients," said Dr. Ferré.

"We are pleased and honored to welcome Maurice to our board as our Executive Chairman," said Dr. Kobi Vortman, INSIGHTEC's CEO. "He has an impressive track record of building transformational companies. Maurice's commercial and clinical skills will help INSIGHTEC achieve widespread awareness and commercial adoption of our technology."

"We would also like to convey our appreciation to Tom Gentile, our former Chairman, who was recently appointed as President and Chief Operating Officer of GE Capital. Tom led the INISGHTEC Board of Directors through a critical period during which INSIGHTEC received its second FDA PMA approval for the treatment of painful metastatic bone tumors, secured its first Chinese FDA approval for treating uterine fibroids, and successfully completed the feasibility study demonstrating the ability to treat essential tremor. Tom will continue as a director which will allow INSIGHTEC to benefit from his vast industry and medical knowledge."

In response to the transition, Tom Gentile reflected: "I am thankful for the opportunity to have chaired INSIGHTEC's board of directors during a critical phase of its development. Dr. Ferré is a proven leader who understands the field of image guided non-invasive therapy very well. I am confident he will lead INSIGHTEC to achieve its full potential to impact patient outcomes around the world."

Separately, INSIGHTEC announces that the option for existing shareholders to invest additional equity of $3.5 million into INSIGHTEC has been extended through January 30, 2015.

ABOUT INSIGHTEC

INSIGHTEC is a world leader in MR-guided Focused Ultrasound (MRgFUS). The Company, founded in 1999, has developed a completely non-invasive therapy platform that transforms medicine in an expanding number of neurosurgery, oncology and gynecology indications. MRgFUS is already adopted and used by world recognized physicians in more than 120 leading medical facilities around the world, who see the tremendous clinical and economical value of the InSightec therapy platform.

The Company has received numerous awards for innovation from well-respected organizations including the Wall Street Journal, the European Union and TIME Magazine. The company is privately held by GE Healthcare, Elbit Imaging, York Capital Management, GEOC Hengtong Investment Limited Partnership and MediTech Advisors. For more information please visit: http://www.insightec.com

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SOURCE InSightec