Insightec Announces Financing up to $200 Million to Fund Continued Growth
HAIFA, Israel and MIAMI, Sep. 1, 2022 /PRNewswire/ -- Insightec, a global healthcare company dedicated to using acoustic energy to transform patient care, today announced that it signed a credit facility for up to $200 million with affiliates of existing shareholders Perceptive Advisors and Community Fund. The financing has provided Insightec with $100 million at closing, with an additional $100 million of financing potentially available in tranches through 2024. The credit facility is interest-only for five years and matures on August 31, 2027.
"This financing allows Insightec to invest in driving adoption of incisionless neurosurgery to treat patients with Essential Tremor and Parkinson's Disease, while continuing to advance innovation and clinical trials for expanded applications of the company's technology in neuro-oncology and other neurological conditions," said Maurice R. Ferré, MD, Insightec CEO and Chairman of the Board. "We are pleased to have continued support from Perceptive Advisors and Community Fund. Insightec is a true global company. We are focused on supporting and growing our world class customer base of medical centers across the Americas, Europe, and Asia."
"Perceptive is excited to expand its partnership with Insightec by providing growth capital to support commercialization and expansion of its incisionless platform," said Sam Chawla, Portfolio Manager of Perceptive Advisors. "With a global installed base of 120 systems, FDA approvals for Essential Tremor, Parkinson's Disease and Prostate, and a pipeline of future potential indications, we are excited about Insightec's ability to offer care to many patients suffering from diseases with only limited or invasive alternative therapies."
Perella Weinberg Partners acted as the company's financial advisor in connection with the credit facility.
About Insightec
Insightec is a global healthcare company creating the next generation of patient care by realizing the therapeutic power of acoustic energy. The company's Exablate Neuro platform focuses sound waves, safely guided by MRI, to provide tremor treatment to patients with medication-refractory Essential Tremor and 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, with offices in Dallas, Shanghai, and Tokyo.
