InSightec to sell $15 million preferreds

By Devika Patel

Knoxville, Tenn., March 19 - InSightec Ltd. said it has closed a $15 million internal round of financing. The company is selling B preferred shares.

The company's parent, Elbit Imaging Ltd., invested $7.5 million on March 18. Elbit and other existing investors will invest at least another $7.5 million over the next year.

The preferreds are convertible into ordinary shares.

Proceeds will be used to expand research and development efforts, for marketing and sales activities and for general corporate purposes.

InSightec has headquarters near Haifa, Israel.

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