GALIL MEDICAL, A LEADER IN CRYOTHERAPY SOLUTIONS, ANNOUNCES $52 MILLION
Financing will support expansion of Galil
Medical sales and clinical programs and exit from Oncura joint venture
ISRAEL AND PLYMOUTH MEETING, PA - December 11, 2006 -
Galil Medical, a market leader in cryotherapy systems to treat
cancer and non-cancerous tumors, announced today the completion of a $52 million
financing led by Thomas, McNerney & Partners and The Vertical Group, and joined
by Investor Growth Capital. The financing and related transactions will permit
Galil Medical to exit its joint venture with Oncura, and to expand its sales,
marketing, and clinical programs in both the United States and Europe . Galil
Medical is a pioneer in cryotherapy technology with annual revenues in excess of
James Thomas , Partner of Thomas, McNerney & Partners,
comments, "As an established market and technology leader in the field
of cryotherapy, Galil Medical represents an exciting investment
opportunity for our investor group. This financing and related
transactions truly set the stage for a new phase of growth for Galil
Galil Medical has been a leader in cryotherapy
technology for the minimally invasive ablation of cancerous and
non-cancerous tumors. The company’s proprietary 17-gauge cryoneedle
family is the thinnest needle available on the market, and its recently
launched Presice™ platform offers an unmatched array of features
including temperature monitoring and “ice ball” control.
Galil Medical has a dedicated direct sales
organization serving its urology, interventional radiology, and
gynecology customers in the United States and major European markets.
The company plans to expand these sales organizations during 2007. The
recent financing also will allow Galil Medical to expand clinical
programs to support existing prostate and renal cancer indications as
well as new gynecology indications.
Chen Barir, Chairman and CEO adds, "This financing and
related transactions are major milestones for Galil Medical. We are now
well positioned both organizationally and financially, to expand our
global sales and marketing activities as well as to invest in R&D and
clinical programs required to support existing and new applications for
our cryotherapy technology.”
James Thomas of Thomas,
McNerney & Partners, Richard Emmitt of The Vertical Group, and Stephen
Campe of Investor Growth Capital will join the Board of Directors of
Galil Medical in connection with the financing.
Cryotherapy is the application
of extreme cold to freeze and destroy tumors and has proven to be an
effective and minimally invasive technology that results in minimal
pain, rapid recovery and high quality of life for patients.
About Galil Medical
Galil Medical is a global
medical device company that develops, manufactures and markets an
innovative cryotherapy platform incorporating powerful freezing
technology and revolutionary needle design as a minimally invasive
alternative to surgery for various clinical applications. Galil Medical
cryotherapy products provide physicians with an easy-to-use solution to
precisely ablate tissue while protecting adjacent structures, ensuring
rapid recovery and increased quality of life for patients . Galil
Medical, founded in 1996, has offices in Yokneam , Israel ; Plymouth
Meeting, Pennsylvania ; and London , United Kingdom . For more
information, please visit
About the Investors
The $52 million investment in
Galil Medical was led by Thomas, McNerney & Partners and The Vertical
Group, and joined by Investor Growth Capital.
is a health care venture capital firm
with approximately $600 million under management focused on investing in
life science and medical technology companies at all stages of
development. The firm has offices in Stamford , Minneapolis and San
is one of the largest venture capital firms
in the United States focused on medical devices and biotechnology. The
firm and its partners have founded or led investments in many of the
most successful medical device companies of the past two decades
including: SciMed Life Systems, Kyphon Inc. (NASDAQ: KYPH), ev3 Inc.
(NASDAQ: EVVV), Ventana Medical Systems (NASDAQ: VMSI), Xomed Surgical
Products, and American Medical Systems (NASDAQ: AMMD). Investor Growth
Capital ("IGC") ") invests in healthcare and information technology
companies in the US , Northern Europe and Asia and is the wholly owned
venture capital arm of Investor AB. IGC’s 25 investment professionals
manage a portfolio whose value exceeds USD $800 million from offices
located in New York, Menlo Park, Beijing, Hong Kong, Tokyo, Stockholm
The founding investors of
Galil Medical are
Elron Electronic Industries Ltd.
(TASE & NASDAQ: ELRN),
Discount Investment Corporation Ltd.
(DIC) (TASE: DISI),
and RDC - Rafael
Development Corporation Ltd.
, each of whom will remain
significant shareholders post transaction.