Replies to post #1779 on Elbit Imaging Ltd (EMITF)

[midastouch017]

Treatment for Alzheimer’s, Parkinson’s gets a boost. There’s a Miami connection.
BY JANE WOOLDRIDGE
[e-mail]

DECEMBER 15, 2017 12:24 PM

UPDATED DECEMBER 15, 2017 03:43 PM

Potential new treatments for Alzheimer’s and Parkinson’s patients just got a boost.

INSIGHTEC, a medical device company led by Miami’s Dr. Maurice Ferre, has received $150 million in funding from Koch Disruptive Technologies, a subsidiary of Koch Industries.

The money will enable INSIGHTEC to expand studies of its current FDA-cleared ultrasound device to Alzheimer’s and Parkinson’s patients. The company currently is conducting a Phase 1 trial into Alzheimer’s treataments and beginning at Phase 3 trial in uses for Parkinson’s Disease.

The non-invasive device uses Magnetic Resonance Imaging and focused ultrasound to target specific tissues in a procedure called Exablate Neuro. It is now used for uncontrollable tremors, called essential tremor, at 40 medical centers worldwide, including two in South Florida. The underlying technology can also be used to treat uterine fibroids and bone cancer non-invasively.

INSIGHTEC is based in Israel, with U.S. offices in Miami. Ferre, a serial entrepreneur, co-founded MAKO Surgical Corp., a leader in robotic orthopedic surgery. His father, Maurice Ferre, was a long-time mayor of Miami.

[midastouch017]

Insightec Raises Approximately $90 Million in an Equity Round Led by Koch Disruptive Technologies

TEL AVIV, ISRAEL / ACCESSWIRE / December 28, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (EMITF.TA) (EMITF) announced today, further to its previous announcement dated December 14, 2017 regarding the signing of a Share Purchase Agreement between Insightec Ltd. ("Insightec") and Koch Disruptive Technologies (a subsidiary of Koch Industries, Inc.) ("Koch Disruptive Technologies"), that Insightec completed the initial closing of the transaction in which it raised approximately US$90 million (out of which US$75 million was invested by Koch Disruptive Technologies).
In consideration for the investment, Insightec issued to the investors new Series E Preferred Shares of Insightec that represent, immediately following their issuance, approximately 19.7% of the outstanding share capital (16.5% on a fully-diluted basis). Following the completion of the initial closing, the Company will hold approximately 25.2% (20.9% on a fully-diluted basis) of Insightec's share capital.
The transaction documents permit Insightec to increase the financing round to up to US$150 million, from Koch Disruptive Technologies and additional investors in one or more additional closings, to be held by no later than January 31, 2018.