Insightec raises $22M, brings on Mako Surgical co-founder as CEO

Insightec CEO Maurice Ferré

MR-guided ultrasound player Insightec plans to take it to the next level with a new high-profile CEO and a $22 million cash infusion as part of its Series D round. The company has had FDA-approved products since 2004--now new CEO Dr. Maurice Ferré, the former head of Mako Surgical, aims to get the company to perform on the commercialization front.

Ferré led robotic surgery company Mako Surgical as chairman and CEO. He not only co-founded Mako in 2004, but he led it through a 2008 IPO and, finally, a sale to Stryker ($SYK) in late 2013 for $1.7 billion. He was already executive chairman at Insightec, a position he took up in 2014.

"Insightec is at the forefront of the global shift towards non-invasive procedures. These procedures have the potential to improve patient outcomes, reduce morbidity and trauma while reducing costs," said Ferré in a statement. "My goal is to lead the company on its path to commercial success."

ExAblate Neuro--Courtesy of InSightec

The Israeli company was founded in 1999 by GE Healthcare and Elbit Medical Imaging to bring to market its MR-guided, noninvasive, focused ultrasound ExAblate surgical technology. The company's ExAblate is marketed in the EU to treat a number of conditions under a CE mark. In the U.S., it's approved to treat symptomatic uterine fibroids and for pain palliation of bone metastases when radiation is not an option.

"We started with proving our concept then continued to develop our first application for the treatment of uterine fibroids," said Insightech founder and former CEO Dr. Kobi Vortman. "Today, the company offers clinical applications in three clinical areas: women's health, oncology and neurosurgery, and has over 90 patents and many regulatory approvals." He will remain on the Insightec board.

The company is privately held by investors including GE Healthcare, Elbit Imaging, York Capital Management, GEOC Hengtong Investment Limited Partnership and MediTech Advisors.

- here is the announcement