Insightec has announced that it has signed a credit facility for up to US$200 million with affiliates of existing shareholders, Perceptive Advisors and Community Fund. The financing, according to a press release, has provided Insightec with US$100 million at closing, with an additional US$100 million of financing potentially available in tranches through 2024.
The credit facility is interest-only for five years and matures on 31 August 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, 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 centres across the Americas, Europe, and Asia.”
“Perceptive is excited to expand its partnership with Insightec by providing growth capital to support commercialisation and expansion of its incisionless platform,” said Sam Chawla, portfolio manager of Perceptive Advisors. “With a global installed base of 120 systems, FDA [Food and Drug Administration] 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, the release notes.