Galil Medical, a Leader in Cryotherapy Solutions, Announces $52 Million Financing
December 11 2006 - 8:00AM
PR Newswire (US)
Financing Will Support Expansion of Galil Medical Sales and
Clinical Programs and Exit From Oncura Joint Venture YOKNEAM,
Israel and PLYMOUTH MEETING, Pennsylvania, December 11
/PRNewswire-FirstCall/ -- 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 $20
million. 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 Medical." 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(TM) 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. About Cryotherapy 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
http://www.galilmedical.com/. 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. Thomas, McNerney Partners 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 Francisco. The Vertical Group 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 and Amsterdam. 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. Contact
information: Livnat Ben-Zur, Galil Medical Ltd., Israel. Phone:
+972-4-959-1080, ext 258 Email: Marie Molnar-Hammond, Galil Medical
Inc., USA Phone: +1-877-530-2796 ext 1704 Email: Rosemary
Cunningham Thomas, Galil Medical Ltd, UK Phone: +44-1-293-459-848
Email: DATASOURCE: Galil Medical CONTACT: Contact information:
Livnat Ben-Zur, Galil Medical Ltd., Israel., Phone:
+972-4-959-1080, ext 258, Email: , Marie Molnar-Hammond, Galil
Medical Inc., USA, Phone: +1-877-530-2796 ext 1704, Email: ,
Rosemary Cunningham Thomas, Galil Medical Ltd, UK, Phone:
+44-1-293-459-848, Email:
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