MIAMI – Feb. 23, 2018 - Greenberg Traurig, LLP Shareholder Robert L. Grossman led a team of firm attorneys as U.S. counsel representing INSIGHTEC in obtaining $150 million in Series E financing in what is thought to be the largest private, pre-IPO med-tech funding round in Israel’s history. Haifa, Israel-based INSIGHTEC, led by Miami-based Dr. Maurice Ferré, is a commercial-stage medical device company revolutionizing surgery with MRI-guided focused ultrasound. The lead investor in the transaction was Koch Disruptive Technologies, a subsidiary of Koch Industries focused on finding and funding innovative and emerging companies.
The investment will allow INSIGHTEC to further commercialize its approved indications, as well as continue research in areas such as Parkinson’s disease, Alzheimer’s disease and brain tumors, using the company's breakthrough technology to deliver treatment in a non-invasive way. Founded in 1999, INSIGHTEC has developed a non-invasive therapy platform that transforms medicine in an expanding number of neurosurgery and oncology indications. The company created an image-guided alternative for deep brain procedures such as thalamotomy and pallidotomy for essential tremor, tremor dominant Parkinson’s disease and neuropathic pain.
“Hospitals around the world are increasingly pursuing incisionless treatment options for their patients using our focused ultrasound therapy. This investment round elevates INSIGHTEC into a new strategic position within the health care industry," said Ferré, INSIGHTEC's CEO and Chairman of the Board, in a news release posted on the company’s website. He has led multiple transformative medical technology companies throughout his career, including founding Miami’s Mako Surgical, a transformational robotic surgical company, in 2004. The company went public in 2008 and sold to Stryker Corp. for $1.65 billion in 2013.
“We were very pleased to be able to assist INSIGHTEC in this historic transaction. The company has made great strides under the direction of Dr. Ferré. This funding will no doubt further the healthcare industry goal of providing more incisionless treatment options,” said Grossman, who is Chair of Greenberg Traurig’s Israel Practice. Grossman has wide-ranging experience taking companies public, acquiring and selling companies, and as a business advisor. He represents a diverse collection of public and private companies, including companies in the medical device, pharmaceutical, biotechnology, ag-tech, health care, energy and natural resources, technology and software, and communications industries.
The multi-office Greenberg Traurig team of attorneys in the deal included Joey T. Shabot, Managing Shareholder of the firm’s Tel Aviv office, Shareholders Mathew B. Hoffman (Fort Lauderdale), Seth J. Entin (Miami), and Stephen M. Pepper (New York), Associates Eliott Rimon (Miami) and Simon Harms (London), Of Counsels Michele A. Kulerman (New York) and Karen C. Corallo (Washington, D.C.), and Practice Group Attorney Rebecca Tracy Rotem (Washington, D.C.).
Israeli Counsel was Rick Mann, Ifat Sheftel and Ofer Zahavi of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
Greenberg Traurig is the only major international law firm with a multidisciplinary registered office in Tel Aviv, one of the leading innovation and business capitals of the world. The firm’s Israel Practice, which has actively served clients for more than 15 years, serves as a gateway for Israeli businesses and entrepreneurs seeking legal counsel in relation to opportunities in the Americas, Europe, Asia, and throughout the world. Additionally, Greenberg Traurig’s global client base benefits from the firm’s on-the-ground knowledge of the legal aspects related to doing business with Israelis, and its depth of experience in assisting clients with legal matters related to opportunities in Israel.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.