Category Archives: Press Release

GALIL MEDICAL LAUNCHES NEW FAMILY OF CRYOABLATION NEEDLES

GALIL MEDICAL LAUNCHES NEW FAMILY OF CRYOABLATION NEEDLES

Arden Hills, MN—DATE October 5, 2015 Galil Medical, the global leader in interventional oncology cryoablation technology, announced the launch of its latest product offerings:

  • IcePearl® 2.1 CX Cryoablation Needle
  • IceFORCE® 2.1 CX Cryoablation Needle

The company’s innovative and patented needle design characteristics of these new needles offer the largest iceball via the narrowest needle shaft diameter on the market today.  IcePearl 2.1 CX and IceFORCE 2.1 CX will feature Galil Medical’s proprietary “CX” capabilities, which allow for helium-free active thaw (i-Thaw® or FastThaw™), along with a track ablation option to address physicians’ concerns regarding track seeding.  The “CX” track ablation feature is also available on other Galil cryoablation needles.

Available in both straight and 90°configurations, these new products will be well suited for use in a multitude of clinical settings.  Given the increasing scrutiny in today’s healthcare environment, the fact that these needles do not require the use of costly and scarce helium will appeal to hospitals from both an economic and environmental perspective.  In addition, IcePearl 2.1 CX and IceFORCE 2.1 CX consume significantly less argon gas than other needles and probes currently available in the market.

The launch of IcePearl 2.1 CX and IceFORCE 2.1 CX cryoablation needles are the most recent examples of Galil Medical delivering on its long-standing commitment to innovation.  “We have invested millions of dollars over the past five years in new product development, robust clinical research and critical reimbursement initiatives,” said Martin J. Emerson, Galil Medical President and CEO.  “Our other recently introduced products, IceRod® 1.5 PLUS, IceSphere® 1.5, IceEDGE® 2.4, IceRod® 1.5 CX needles and the Visual-ICE® Cryoablation System, have been very positively received in the marketplace.  Our clinical research studies, which include TRACE, ECLIPSE, SOLSTICE, EuRECA, EuCAP and MOTION, are delivering the strong clinical data that physicians are seeking to support treatment decisions for their patients.  Further, we continue to lead the industry in supporting key reimbursement initiatives around the world.”

The company expects that the IcePearl 2.1 CX and IceFORCE 2.1 CX needles will allow Galil Medical to continue to generate strong revenue growth and deliver on its commitment of achieving positive EBITDA and positive cash-flow within 18 months.

About Galil Medical Galil Medical is a global leader in delivering innovative cryoablation solutions.  The company is addressing patient conditions across multiple physician specialties. Treatment areas and clinical research priorities include conditions affecting bone, kidney, liver, lung and prostate, as well as targeted pain and nerve applications. Company offices are located in Arden Hills, Minnesota and Yokneam, Israel.  Shareholders include Thomas, McNerney & Partners, The Vertical Group, and Investor Growth Capital.

Contact information:

Martin J. Emerson
President and CEO
Tel: +1 651 287 5050
Email: marty.emerson@galilmedical.com
Scott Youngstrom
Vice President, Chief Financial Officer
Tel: +1 651 287 5052
Email:  scott.youngstrom@galilmedical.com

Galil Medical Announces Closing of Debt Financing and Appointment of Chief Financial Officer

Arden Hills, MN — DATE December 15, 2014 — Galil Medical, a pioneer and global leader in the market for cryotherapy ablation systems, announced the closing of a $12.5 million term debt financing with SWK Holdings Corporation.  The Company also announced the appointment of Scott P. Youngstrom as Chief Financial Officer.

Martin J. Emerson, President and CEO of Galil Medical, commented, “The closing of our financing with SWK Holdings and appointment of Scott Youngstrom as CFO are important milestones for Galil as we manage the rapid growth of our interventional oncology cryotherapy business.  We are committed to the investments in technology and clinical research that are critical to sustain this growth, but also are committed to the financial discipline that is necessary in today’s health care environment.”

SWK Holdings is a life science focused specialty finance company based in Dallas, Texas.  The SWK Holdings $12.5 million investment in Galil is in the form of a five year term loan, the entire principal amount of which will be available immediately.  Armentum Partners acted as Galil’s advisor and placement agent for this financing.             

Brett Pope, Chief Executive Officer of SWK Holdings, commented, “Our non-dilutive financing for Galil Medical reflects our commitment to provide creative financing solutions to life science companies, We believe cryotherapy ablation is an important interventional oncology treatment option for patients, and that Galil Medical is poised to capitalize on its leading position in the market.”

Scott P. Youngstrom will join Galil as Chief Financial Officer on December 15, 2014.  Mr. Youngstrom is an experienced medical device industry executive having served as chief financial officer with both public and private, venture capital backed firms.  He was most recently the Chief Operating Officer and Chief Financial officer of Dgimed Ortho.  Previously, Mr. Youngstrom was the CFO of Annulex Technologies and Enpath Medical, a publicly traded company acquired by Greatbatch in 2007.

About Galil Medical Galil Medical is a global leader in delivering innovative cryotherapy ablation solutions.  The company’s products are utilized by interventional radiologists and surgeons to ablate cancerous and non-cancerous tumors affecting the kidney, bone, lung, liver, and prostate.  At the prestigious Radiologic Society of North American (“RSNA”) conference recently held in Chicago, the clinical experience with cryotherapy was discussed in over 40 scientific presentations.   The Company has facilities located in Arden Hills, Minnesota and Yokneam, Israel.  Shareholders include Thomas, McNerney & Partners, The Vertical Group, and Investor Growth Capital.

About SWK Holdings Corporation SWK Holdings Corporation is a specialized finance company with a focus on the global healthcare sector.  SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK’s business partners and its investors.  SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes.  Additional information on the life science finance market is available on the Company’s website at www.swkhold.com.

Contact information:

Martin J. Emerson
President and CEO
Tel: +1 651 287 5050
Email: marty.emerson@galilmedical.com