InSightec has secured a US$22 million as part of its round D investment. This investment has been led by its current shareholders. In addition, InSightec has appointed Maurice R Ferré, a medical device executive, as chief executive officer. Kobi Vortman, InSightec’s former chief executive officer and founder, will take a board seat, and will drive strategy, as well as the product road map.
InSightec was founded by Vortman in 1999. According to a press release, his intention was to create a next-generation operating room by developing magnetic resonance guided focused ultrasound (MRgFUS) technology as an effective, non-invasive form of therapy. MRgFUS technology received its first FDA approval in 2004, and has been adopted globally.
Ferré, who has been serving as InSightec’s chairman of the board, brings over 20 years of experience in the medical device industry. Before InSightec, Ferré served as chairman of the board and chief executive officer of MAKO Surgical, a robotic surgical company that he co-founded in 2004. The company was IPO’d in 2008 and recently sold to Stryker for $1.65 billion in 2013.
“InSightec is at the forefront of the global shift towards non-invasive procedures. These procedures have the potential to improve patient outcomes, reduce morbidity and trauma while reducing costs,” says Ferré. “My goal is to lead the company on its path to commercial success,” he concludes.
Vortman says, “We started with proving our concept then continued to develop our first application for the treatment of uterine fibroids. Today the company offers clinical applications in three clinical areas: Women’s Health, Oncology and Neurosurgery, and has over 90 patents and many regulatory approvals,” he emphasises. “I will continue to support the company as a member of the board and have no doubt that Ferré will continue to lead the company to its success,” Vortman concludes.