Galil Medical Raises $40 Million

Galil Medical Ltd., an Israel-based maker of cryotherapy systems for use in kidney and prostate cancer treatments, has raised $40 million in VC funding co-led by Thomas, McNerney & Partners and The Vertical Group. In addition, approximately $4 million of existing shareholder loans will be converted into Galil shares, while the new investors will purchase approximately $8 million of shares from existing Galil backers like Elron Electronic Industries Ltd.