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| InSightec's ExAblate system |
GE-backed InSightec is in the process of raising a $50 million Series D round to fund its ultrasound tumor treatment technology. York Capital Management is investing and opening up the round to additional investors who could join the existing round or expand the total to $62.5 million. The company's pre-money valuation in this financing is $200 million.
The company's product is ExAblate, a noninvasive, MRI-guided focused ultrasound to treat conditions including tumors and fibroids. It's 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.
InSightec is financed by investors including Elbit Imaging, General Electric and MediTech Advisors.
The venture round is expected to go to increased investment in market development, sales, marketing and channel partner enablement, as well as expansion of its clinical trials to meet further regulatory and reimbursement requirements.
"InSightec has undoubtedly provided clinical evidence for its efficacy in non-invasive treatments of multiple indications and continues to expand its clinical usage. We are gratified to help provide the company with the means to effectively go to market, bringing the technology and treatments they have developed to physicians and thousands of patients," Jeremy Blank of York Capital said in a statement.
- here is the press release