Elbit Medical Imaging (EMI) of Tel Aviv, Israel, reported that its subsidiary, InSightec of Tirat Carmel, Israel, has signed an agreement for internal financing totaling $21 million from existing investors: Elbit Ultrasound, a subsidiary of EMI; GE Capital Equity Holdings; and healthcare venture capital firm MediTech Advisors.
The investment will be made in two tranches of convertible notes with an aggregate principal amount of $10.5 million each. The first tranche has already been completed, and the second tranche is conditioned on the U.S. Food and Drug Administration's approval of InSightec's focused-ultrasound technology for the treatment of uterine fibroid tumors, the company said.
The funds will be used to expand the company's marketing and sales infrastructure, and to embark on new areas of clinical research, InSightec said.
By AuntMinnie.com staff writers
September 29, 2004
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