Israel's InSightec, whose ExAblate is FDA-approved to treat uterine fibrioids, has received $13.75 million in the form of a convertible loan from GE Healthcare.
GE owns almost 65% of InSightec, which develops MRI-guided focused ultrasound technology to treat a number of conditions in addition to fibroids, including tumors and neurological disorders.
The proceeds will go toward R&D and financing legal costs in cases filed against InSightec, among other activities, Globes says of the 13-year-old company, which has been working with GE since the 1990s.
InSightec's ultrasound technology uses an ultrasound beam, which noninvasively heats and destroys targeted tissue, and MRI, which visualizes patient anatomy. Globes notes that InSightec isn't yet profitable, but it is looking to make a strong move into the cancer arena. In January, it submitted a premarket approval application to the FDA for its ExAblate treatment of pain palliation of bone metastases.
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