InSightec completed financing round of $30.9 million
9 December, 2012
The main investor, GE Healthcare, took the lead with its veteran James Davis as new CEO, and Tom Gentile, President and CEO of GE Healthcare Systems - as the new chairman
InSightec Ltd. has completed its 3th financing totaling $30.9 million. the main investor in this round is GE Healthcare, which gave a commitment of about $27 million. Following the investment deal, the Board of Directors has appointed Mr. James (Jim) Davis as the new Chief Executive Officer.
Davis joins InSightec after 11 years with GE Healthcare. Jim was Vice President & General Manager of the MRI business for 5 years, and also served as VP & GM of the US Diagnostic Imaging Commercial Organization for 3 years. The new chairman of the company is Mr. Tom Gentile, President and CEO of GE Healthcare Systems. Meanwhille Dr. Jackob (Kobi) Vortman, who has founded and managedthe company since its inception, will continue his role as President and also step into a newly created role of Chief Technology Officer, responsible for R&D, Regulatory Affairs and Operations.
The company’s unicque therapy platform, called ExAblate, uses MRI to guide and control high intensity ultrasound waves to ablate tissue in the brain and other organs. For example, ExAblate device for treating neurosurgery applications consists of a unique “helmet” like apparatus consisting of thousands of individual ultrasound elements. CT images are used to reconstruct the skull, and this data is used to configure the ultrasound beams coming from the phased array transducer to be properly focused at the targeted lesion.
The system is highly compatible to GE’s MRI systems – the prominent invastor – and now also the new boss in the company.