"Globes" speaks to Eyal Zadicario, Chief Operating Officer and eneral manager at medical device company Insightec in Israel.
Military Career and Education: "I completed a four-year bachelor’s degree in aeronautical engineering and enlisted in the Israel Air Force as a project manager working with defense industries. During my service, I also pursued a master's degree in computer science at Tel Aviv University. After nine years in the military, I was discharged with the rank of Major. Later, I also earned a Ph.D. in computer science."
Personal Life: Married +3. Resides in Tel Aviv.
Insightec: "I was discharged in 1999, at the height of the dot-com boom. The Israeli high-tech scene was dominated by names like Comverse and ECI, but I was drawn to Insightec, which was founded by Kobi Vortman and was then a small startup. I was the twentieth-something employee and joined as a software engineer responsible for user interface."
Professional: Chief Operating Officer and General Manager at biomedical company Insightec in Israel.
Childhood and Family: "I was born and raised in Tel Aviv. My mother was an educational counselor, and my father was an electronics engineer and factory manager at Tadiran. We spent several years on assignment in the US because my father was working there on developing military communication technologies. When I reached high school age, we returned to Israel. I tended towards science and technology studies, leading me naturally to the academic reserves program at Technion [Israel Institute of Technology]."
The Technology: "Insightec was founded with the goal of making invasive surgeries non-invasive, and avoiding damage to healthy tissue. In Air Force terms, it’s like precisely bombing a single building instead of an entire neighborhood. The technological solution was tissue ablation using ultrasound. In 2004, we received our first FDA approval for treating uterine tumors. Later, we developed solutions for bone cancer and prostate cancer. In each field, we achieved a working device and FDA approval. Today, Insightec employs 420 people, 220 of them in Israel."
The Way to the Brain: "In 2001, I was assigned to lead a small, almost undercover, team that was exploring a non-invasive technological solution for neurological treatments. This was considered nearly impossible due to the difficulty of transmitting ultrasound through the skull. In 2005, we conducted the world's first feasibility study on three patients with brain tumors in a clinical trial in the US. From that point on, I focused primarily on the brain project, and in 2012, I was appointed VP of R&D."
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90 Minutes: "We went through a long, gradual process of phasing out other treatments. Today, all our company employees are focused on the brain project, which is currently the company's only commercial application. In 2016, we received FDA approval for brain treatments in patients suffering from tremors and movement disorders. To date, we have treated about 22,000 patients, and the numbers are growing rapidly – by about 35% per year. We eliminate tremors in a single treatment lasting about 90 minutes. Last year, we treated about 7,000 patients. For those suffering from Essential Tremor, the treatment is covered by the healthcare system, while for Parkinson's patients, it costs about NIS 50,000 in the private sector."
The Sacrifice: "Other treatment areas did generate revenue for us, but we couldn’t beat existing treatments commercially, even though the benefits to patients were clear. The cost of our equipment led most of the medical world to stick with conventional alternatives. Patient outcomes aren’t enough to drive the market – as harsh as that may sound."
An American CEO: "In 2015, Insightec decided to focus its commercial efforts in the US and appointed an American CEO. I was appointed general manager in Israel, responsible for R&D and manufacturing. The company’s commercial operations and headquarters are now based in the US. I report to the American CEO and communicate with him daily."
25 Years of Losses: "It was clear to everyone that it would take years and a lot of money to turn the vision into a business reality. In 2023, we received a ‘going concern’ warning. (Insightec lost more than $100 million in 2023 alone and was left with negative equity of $78 million, raising concerns it would be unable to continue financing its operations – D.A). But this warning was removed after we raised $150 million in June 2024, led by Fidelity Management & Research and other investors.
"The technology always won out – and that’s why we lost so much. But we’re no longer in that place, we’ve ended that, and today we’re very focused on transitioning to profitability."
The Lifeline: Our new and existing investors view Insightec as a long-term investment that will ultimately change the medical world. There’s a reason so much money is flowing into a company that’s been losing money for 25 years, even in the middle of a war with bombings on our R&D center and headquarters (in the Tirat Carmel high-tech complex – D.A.)."
Looking Towards the Future: I never thought this would be my career, but it does meet four things I was looking for: groundbreaking technological complexity, a significant impact on the medical world, helping patients, and a work environment that is Israeli-or at least has an Israeli core, which remains to this day. I am 57 years old now. Will I see Insightec’s revolution happen? I think I will."
Published by Globes, Israel business news – en.globes.co.il – on March 26, 2025.
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