UltraShape has created the first and only device for totally non-invasive body contouring.
The technology is based on focused therapeutic ultrasound that selectively destroys fat cells without damaging other tissues. The treatment is completely painless and designed as a "walk-in, walk out" procedure in an office/clinic environment. The procedure is guided by a computerized video guidance and tracking system for a homogenous treatment of a pre-determined area while taking into account, in real time, the movement of the treatment area. The system architecture ensures simple operation.Currently, UltraShape is conducting successful clinical studies in Europe, USA and Japan proving the efficacy of the device. More then 100 participants have been treated till now. The company will obtain the CE mark during the second quarter of 2005. FDA clearance will follow shortly, before the end of 2005.
Israel Seed Partners has provided exclusively round C of financing.
Rodger Stewart, MSc President and Chief Executive Officer. Rodger Stewart has served as President and CEO of UltraShape Inc since January 15, 2007. He brings to UltraShape 29 years experience in the medical device industry since starting with COBE Cardiovascular, Inc. in 1977. He held positions of increasing responsibility in engineering, marketing, sales and business development. In his last position, Mr. Stewart served as President, North America Region, of Sorin Group SpA, a $1B world leader in cardiac surgery and an innovator in cardiac rhythm management, interventional cardiology and chronic kidney disease. Previous to that, he served as President and Chief Executive Officer of COBE Cardiovascular, Inc. with over $180M in worldwide sales in cardiopulmonary and blood management, and as Chief Executive Officer of Carbomedics with over $80M in worldwide sales of heart valves and valve repair products.
Yoram Eshel, Co-Founder and Chief Strategy Officer. Dr. Eshel has eight years of senior management experience in the field of high power ultrasound. Dr. Eshel has held positions as Director of R&D for Angiosonics, Inc. and General Manager of November Technology, Ltd.
Zvi Ben David, CPA- Chief Financial Officer. Mr. Ben David joined UltraShape as CFO in 2005. Mr. Ben David has held senior positions in Rafael Development Corp., Given Imaging and Electrochemical Industries.
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