Insightec chooses underwriters for IPO
Insightec has been named one of the most interesting startups in Israel. Now the company hopes to become one of the most interesting companies listed on Nasdaq, naming Merrill Lynch and Morgan Stanley to lead its initial public offering.
Insightec has won acclaim and awards for its surgical systems, that combine magnetic resonance technology with ultrasound to noninvasively treat tumors inside the body. It has received U.S. Food and Drug Administration approval of its ExAblate system to treat uterine fibroids, and is conducting clinical trials of its technology for breast, brain, bone and liver tumors. I
The underwriters are expected to float Insightec during 2005, at a company value exceeding $500 million. Moti Zisser's company Elbit Medical Imaging controls it with a 52 percent stake, and GE owns another 20 percent. Insightec was founded in 1999 and has received $84 million in investments to date.
Elbit Medical refused to comment for this report.