HAIFA, Israel and MIAMI, March 6, 2020 /PRNewswire/ -- INSIGHTEC, a commercial-stage medical technology company, announced today 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, focused on finding and funding innovative and emerging companies, 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.
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.
"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," said Maurice R. Ferré, MD, INSIGHTEC's Chief Executive Officer and Chairman of the Board. "This new investment demonstrates our investors' commitment to help drive the next generation of focused ultrasound."
"INSIGHTEC's focused ultrasound technology is disrupting the way surgery has been performed for generations," commented 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. "
There is wide adoption of Exablate Neuro, with more than 65 medical centers around the globe routinely treating essential tremor patients, and the volume of these treatments has more than doubled in the past year. The essential tremor treatment is now approved for reimbursement coverage in the USA and a number of other countries.
INSIGHTEC is a global medical technology innovator transforming patient lives through incisionless brain surgery using focused ultrasound guided by MR imaging. The company's award-winning Exablate Neuro device is FDA-approved to treat medication-refractory essential tremor and tremor-dominant Parkinson's disease. Research for future applications in the neuroscience space is underway in partnership with leading academic and medical institutions. INSIGHTEC is headquartered in Haifa, Israel, and Miami, Florida, with offices in Dallas, Shanghai and Tokyo.
This document contains forward-looking statements regarding, among other things, plans, expectations, and future events. In some cases, forward-looking statements can be identified by the following words: "may," "can," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "promise," "continue," "ongoing," or the negative of these terms. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to INSIGHTEC as of the date of the statement. All written or oral forward-looking statements attributable to INSIGHTEC are qualified by this caution. INSIGHTEC does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in INSIGHTEC's expectations.
"Exablate," and "Exablate Neuro," as well as the "INSIGHTEC" logo, whether standing alone or in connection with the word " INSIGHTEC", are protected trademarks of INSIGHTEC.
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