TIRAT CARMEL, Israel, March 19 /PRNewswire/ -- InSightec Ltd. reported today that it has closed an internal round of financing totaling US$15 million from its existing investors.
Elbit Imaging Ltd. (NASDAQ: EMITF) (EI) has invested US$7.5M on March 18, 2009. Additional US$7.5M would be invested no later than 12 months following the date hereof by its existing investors.
The investment will take the form of Preferred Shares B, which are convertible to InSightec's ordinary shares subject to the fulfillment of certain conditions stipulated in the agreement.
InSightec reported that the funds would be used to expand its research and development efforts, for marketing and sales activities, and for general corporate purposes.