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LifeBond raises $20 million from Giza, Aurum, Pitango, GlenRock, Zitelman, and Robert Taub May 25, 2011

Posted by israelhealthcare in Biosurgery, Health Care Startups, Life Science, Medical Device, Medical Device Startups.
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Biosurgery device company LifeBond has raised $20 million in a new financing round led by Giza Venture Capital and Morris Kahn’s Aurum Ventures. Existing investors: Pitango Venture Capital, GlenRock Israel, Zitelman Group, and Robert Taub, also participating in this round. This third investment round brings LifeBond’s total funding to $30 million.

LifeBond is developing surgical sealants and hemostats intended for preventing leakage and bleeding. Proceeds from the round will be used for completion of the pre-clinical and clinical phases of the Company’s initial product: LifeSealGI, a sealant indicated for reinforcement of gastro-intestinal anastomoses.

LifeBond anticipates that LifeSealGI will reach the market toward the end of 2012, pending regulatory approval. In addition, the company will continue to develop its severe bleeding control product, LifePatch, which is based on the same technology platform.

“Surgical teams are actively seeking innovative wound closure products with improved performance and ease-of-use to seal surgical staple-lines and stop severe bleeding,” said LifeBond CEO Ishay Attar. “We are looking forward to using the proceeds provided by this round to bring our first products to market as early as possible. Once approved, our products will become essential parts of the surgical toolbox and significantly improve surgical care.”

LifeBond was founded in 2007 by Attar and Orahn Preiss-Bloom, the company VP Operations. The Company’s headquarters is located in Caesarea Industrial Park, Israel.

Merck Serono to invest $14 million in Israeli biotech companies April 4, 2011

Posted by israelhealthcare in Health Care Startups, Life Science.
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Merck Serono, the biopharmaceutical division of Merck KGaA, will invest $14 million (€10 million) in Israeli biotech companies during the next seven-year.

The company has initiated the Merck Serono Israel Bioincubator Fund, a strategic and corporate initiative targeting Israeli biotechnology startups. The bioincubator, which will be launched officially towards end of 2011, designed to accelerate the successful development of entrepreneurial startup companies. It will offer both seed financing and the opportunity to use a dedicated part of Merck Serono’s Israeli research and development center, Interlab, for their own research.

“Because biotech companies and spin offs from academia in Israel have a high innovation potential, this initiative is very promising for Merck Serono,” said Dr. Bernhard Kirschbaum, Executive Vice President of Global Research & Development at Merck Serono. “Our collaboration through the Merck Serono Israel Bioincubator Fund will create exciting opportunities.”

“During its long history in Israel, Merck Serono has experienced the willingness of small startups to link with larger and more experienced companies that can help them guide product development and company growth,” said Susan Herbert, Executive Vice President of Global Portfolio Development at Merck Serono. “By offering startups the funding options and access to more resources that could help move breakthrough concepts into the pre-clinical phase, we can create significant early-stage opportunities and build crucial relations needed for the in-licensing of promising new compounds.”

Israeli biotech startups will be selected based on their potential for developing innovative technologies aligned with the company’s strategy, which could enable the discovery and development of new products. By nurturing biotech startups at an early stage of development, the company is seeking to secure innovations for future application in its focus business areas of Oncology, Neurodegenerative Diseases, Rheumatology, Fertility and Endocrinology.

In 2010, the Life Sciences sector in Israel led capital raising with $350 million or 28% of the total $1.26 billion raised by Israeli high-tech companies from local and foreign venture investors, according to IVC Research data.

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Align Technology acquires intra-oral scanning provider Cadent for $190 million March 31, 2011

Posted by israelhealthcare in Medical Device, orthodontic.
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Align Technology, the manufacture of invisalign system for treating misalignment of teeth, has acquired intra-oral scanning provider solutions Cadent for $190 million in cash. The acquisition will accelerate adoption of intra-oral scanning among dental professionals and create greater value for existing Invisalign users.

The acquisition of Cadent follows the January 2011 announcement of a joint development agreement between Align and Cadent to co-develop Invisalign software applications that will run on Cadent scanners. The acquisition builds on the development agreement by providing a dedicated digital scanning platform for delivering Invisalign chair-side applications to dental practitioners and extends Align’s presence into restorative dentistry.

As part of an ongoing program to evaluate interoperability of intra-oral scanning systems for future use with Invisalign treatment, Align is in final beta tests with Cadent’s systems and expects to announce interoperability for their scanners in the second quarter of 2011.

Cadent is a provider of 3-D digital CAD/CAM solutions for the orthodontic and dental industries. Cadent’s offerings improve the efficiency and effectiveness of orthodontic and dental treatments while increasing the revenue of dental healthcare providers.

Headquartered in Carlstadt, New Jersey and with a development center in Or Yehuda, Israel, Cadent is backed by a syndicate of venture capital investors including Fortissimo Capital, Apax Partners, Panorama Capital (JPMorgan Partners), IBT, STAR Ventures and SV Life Sciences.

Align Technology is a public traded medical device company, designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. The company ended 2010 with record net revenues of $387 million, an increase of 24% from $312.3 million reported for fiscal 2009, and with a net profit of $74 million.

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BioTime, Teva and Hadasit invest $7 million in Cell Cure Neurosciences October 11, 2010

Posted by israelhealthcare in stem cell.
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American biotechnology company BioTime, Israel Pharmaceutical company Teva, and Hadasit Bio Holdings (HBL) , the biotech financing arm of Hadasit, have invested $7.1 million in Cell Cure Neurosciences. This equity investment will support the company’s development of innovative stem cell treatments for neural and retinal diseases.

As part of the funding round Cell Cure and Teva have entered into an exclusive license option agreement to develop and commercialize Cell Cure’s OpRegen product for the treatment of age-related macular degeneration (AMD). OpRegen is a proprietary formulation of embryonic stem cell-derived retinal pigment epithelial cells designed by Cell Cure to help save the sight of the baby boomer generation.

AMD is the leading cause of blindness in the aging population. The US Centers for Disease Control and Prevention estimate that about 1.8 million people in the United States have advanced stage AMD and another 7.3 million have an earlier stage and are at risk of vision impairment from the disease. Most people are afflicted with the dry form of the disease, for which there is currently no effective treatment.

The financial funding will also enable Cell Cure to continue the development of human embryonic stem cell-based therapies for neural degenerative disorders such as Parkinson’s disease and Multiple Sclerosis (MS).

“Cell Cure will be collaborating with one of the 15 largest pharmaceutical companies in the world, and with affiliates of Hadassah Medical Organization, to develop new treatments for diseases that rob millions of people of their eye sight,” said Dr. Michael D. West, Chief Executive Officer at BioTime. “This is consistent with our focus on making Cell Cure, our majority owned subsidiary, a center for developing cell based therapies for retinal and neural degenerative diseases.”

This financial round extends previous investments by Teva and HBL in Cell Cure. BioTime already held a significant interest in Cell Cure which it acquired through its acquisition of ES Cell International (ESI) in May of 2010. Following BioTime’s acquisition of ESI and its additional investment in Cell Cure, Cell Cure has become the neurological arm of BioTime’s program for the development of human embryonic stem cell based therapies.

Cell Cure Neurosciences was founded in late 2005 as an Israeli subsidiary of ESI, aiming to develop cell-therapy products for the cure of neurodegenerative disorders. The company is located in Jerusalem, Israel on the campus of Hadassah University Hospital.

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Medical device company superDimension raises $24.8 million September 14, 2010

Posted by israelhealthcare in Medical Device, Medical Diagnostic.
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Medical device company superDimension has raised $24.8 million in debt and equity financing in two separate transactions. The capital raise included a $9.8 million equity round of financing and a new $15 million credit facility with Oxford Finance. All of the Company’s existing investors participated in the equity financing, including OrbiMed Advisors, Oxford Biosciences Partners, Pitango Venture Capital, Medica Venture Partners, and Dan Sullivan Investments.

superDimension develops catheter based devices for use in the minimally invasive diagnosis and treatment of early stage lung cancer and other diseases, using the patient’s natural airways to avoid surgery. The superDimension i-Logic system enables physicians to diagnose benign and malignant lung lesions enhancing treatment decisions and avoiding the need for higher-risk procedures.

“Since its commercialization, our i-Logic system has experienced strong physician adoption. Electromagnetic navigation bronchoscopy (ENB) has been performed more than 14,500 times and is used in over 275 hospitals worldwide,” said Daniel J. Sullivan, president and CEO at superDimension. “This additional financing will allow us to further strengthen our commercial infrastructure and sales and marketing team, expanding the benefits of the i-Logic system and ENB to a wider patient population.”

Founded in 1995 by Pinhas Gilboa, superDimension is headquartered in Minneapolis, Minnesota, with other offices located in Dusseldorf, Germany, and Herzliya, Israel. The company has more than 100 employees worldwide.

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Philips Healthcare acquires CDP Medical to expand its clinical informatics portfolio August 5, 2010

Posted by israelhealthcare in Cardiology, clinical informatics, Electronic Patient Record.
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Philips Healthcare has acquired the provider of Picture Archiving and Communication Systems (PACS) and CD distribution systems, CDP Medical, a subsidiary of medical device distributor Medtechnica. This acquisition demonstrates Philips’ continuing efforts to expand its offering in clinical informatics, and follows the recent acquisition of healthcare information system provider Tecso Informatica in Brazil.

PACS enable medical images to be stored electronically and viewed on doctor and clinician workstations in and outside hospitals, creating more efficient workflow and improved clinical results. PACS serves an increasingly crucial role in today’s healthcare environment as the need to streamline workflow and manage costs, all while providing high-quality care.

“This is an important step on our journey to complete our range of clinical informatics and patient care solutions that simplify clinician workflow, improve financial outcomes for our customer and help improve and save lives,” said Steve Rusckowski, CEO for Philips Healthcare. “The acquisition of the CDP business complements our current iSite PACS offering and allows us to better tap into certain high-growth market segments, geographically.”

Philips iSite PACS is an innovative image and information management system that delivers on-demand diagnostic-quality images over existing hospital networks, advanced radiology reading stations for radiologists, and long-term storage.

Philips' iSite PACS

Founded in 2000, CDP Medical has close to 300 hospital and clinic installations globally, with growth in the last year particularly coming from the Latin America region. The company is headquartered in Petah Tikva and has 20 employees.

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Patient supervision system developer EarlySense Raises $13 Million June 3, 2010

Posted by israelhealthcare in Patient Supervision.
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EarlySense, developer of patient supervision system for hospital and post acute care, has closed a $13 million third financing round led by Pitango Venture Capital.

Current shareholders Etgar Challenge Fund, Proseed VC Fund, Docor International Management, Noaber, and Bridge Investment Fund also participated. To date, EarlySense has raised about $24 million in three rounds.

The company’s lead product, the EverOn, is a contact-free patient supervision system installed underneath a hospital bed mattress. The system measures patient vital signs and movements and alerts medical personnel of the changes in a patient’s condition.

EverOn detects heart and respiration rates, as well as motion levels. In addition, the system provides an overall view of a patient`s condition in order to help the staff better select treatment and make more timely decisions. EverOn is currently installed at several medical centers in the USA and Europe.

“Over the past 12 months clinicians and hospital administrators who have used the EverOn system have told us that they see a significant improvement in outcomes, both clinical and financial,” said Avner Halperin, CEO of EarlySense. “Based on this strong feedback we are enthusiastic about utilizing the new funds to launch the product and enable hospitals throughout the USA and Europe to benefit from the many positive deliverables of the EverOn system.”

EarlySense was founded in 2004 by Halperin, Danny Lange, Ph.D., the company Chief Scientific Advisor, and Yossi Gross, a leading Israeli medical device innovator and entrepreneur. EarlySense is based in Ramat Gan, Israel with a research and development facility in Israel; and marketing offices in Boston, Massachusetts.

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Cardiac output monitoring technology developer Cheetah Medical raises $20 million March 16, 2010

Posted by israelhealthcare in Cardiology.
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Noninvasive hemodynamic and cardiac output monitoring technology developer Cheetah Medical has raised $20 million in a second financing round. The investment round was led by Ascension Health Ventures (AHV) and also included Robert Bosch Venture Capital (RBVC), the investment arm of Bosch Group, MVM Life Science Partners and existing investors.

Cheetah Medical’s NICOM products provides a simple to use platform that enables physicians and nurses to quickly obtain accurate advanced hemodynamic parameters at the bedside, thereby aiding in differential diagnosis and selection and titration of the appropriate therapy to individualize patient care. Legacy approaches that rely on invasive, costly catheters have more limited use due to concerns about cost, maintenance requirements, invasiveness and potential complications.

“Because of its accuracy and non-invasiveness, Cheetah’s NICOM platform has the potential to significantly expand the hemodynamic monitoring market,” said Dr. Walter Lin, an Investment Manager with AHV. “The company validated technology can both improve outcomes and reduce the cost of care in what is generally a high acuity patient population.”

“By providing accurate, noninvasive, continuous hemodynamic information, NICOM can improve patient outcomes by helping clinicians optimize fluid and vasoactive drug management in areas such as critical care, anesthesia, emergency medicine and heart failure,” explain Yoav Avidor, CEO of Cheetah Medical.

Cheetah Medical’s NICOM noninvasive cardiac output and hemodynamic monitoring system uses the company’s proprietary BIOREACTANCE technology to deliver continuous, accurate, noninvasive cardiac output and other vital hemodynamic monitoring parameters. The system is US FDA cleared and CE Marked, and since its commercial launch in 2008 has been adopted by a growing number of clinicians worldwide.

Cheetah Medical headquarters is located in Tel-Aviv, Israel and its United States headquarters is located in Portland, Oregon.

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HTL partner with Chiesi to support commercialization of HTL’s lipid molecule October 12, 2009

Posted by israelhealthcare in Lipid molecule.
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Lipid molecule developer High Tech Lipids (HTL) has signed a cooperation agreement with European pharmaceutical company Chiesi Group, to support the development, regulatory procedure and commercialization of HTL’s first product, an innovative lipid emulsion optimized for intravenous feeding of preterm neonates.

HTL has developed an innovative emulsion that is optimized for intravenous feeding. The emulsion is based on a new model of engineered triglycerides and a unique profile of fatty acids. The company is currently making preparations to begin pre-clinical testing. The market potential for HTL products in infants and adults is about $2 billion worldwide.

”The agreement with HTL is a strategic choice for the development of our neonatology portfolio,” stated Dr. Paolo Chiesi, Chiesi Group Vice President and R&D Director. “We are confident that, once fully developed and registered, this innovative lipid emulsion will significantly contribute to the improvement of clinical nutrition of preterm newborns. The deal with HTL confirms the Chiesi Group’s commitment to developing new therapeutic solutions for rare diseases.”

HTL, which started with Misgav Venture Accelerator, has developed a new lipid molecule that is an advanced solution to the problem of intravenous lipid infusions. It will prevent severe side effects and meet all of the premature infant’s nutritional needs.

HTL was founded in 2004 by Dr. Geila Rozen and Irit Shochat, together with Dr. Sobhi Basheer, an internationally renowned chemist specialising in enzymatic processing of lipids.

The Chiesi Group is a research-focused international company developing added-value innovative pharmaceutical solutions to improve the quality of human life. Founded in Parma in 1935, Chiesi today operates globally through 23 direct affiliates, 3 manufacturing sites and 4 research laboratories (in Italy, France, the UK and the US).

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Medical diagnostic tests developer Molecular Detection Inc. raised $3.3 million October 3, 2009

Posted by israelhealthcare in Diagnostic Test.
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Medical diagnostic tests developer Molecular Detection Inc. (MDI) has raised $3.3 million in a third financing round led by MentorTech Ventures and included new investors Ben Franklin Technology Partners, Robin Hood Ventures and the Mid-Atlantic Angel Group Fund (MAG). MDI has previously been funded by the SVM-Israel Opportunity Fund and the Chief Scientist Office of the Israeli Ministry of Industry and Trade.

MDI is preparing to launch its first product, the Detect-Ready assay for the rapid detection of methicillin-resistant Staphylococcus aureus (MRSA), a growing worldwide problem that results in serious illness and death while increasing hospital costs. This funding will provide the company with the resources needed to launch its MRSA assay in Europe and the U.S. while also expanding its pipeline of molecular diagnostic tests.

The company also announced that Todd M. Wallach has been named chief executive officer. Prior to MDI, Mr. Wallach was CFO of specialty pharmaceutical company Aton Pharma. He was previously vice president of finance and operations of Acuity Pharmaceuticals, which was acquired by publicly traded OPKO Health.

“This Series C financing represents a major milestone for MDI, confirming the promise of our innovative molecular diagnostic technologies and our soon-to-be-launched assay for MRSA screening,” said Wallach. “The Detect-Ready MRSA assay offers healthcare providers a high-performance diagnostic with an unmatched combination of accuracy, speed, flexibility and cost-effectiveness, addressing a market that is expected to exceed $1 billion in annual revenues in the next few years.”

MDI is developing and commercializing a portfolio of “sample-to-answer” Detect-Ready molecular diagnostic tests for the detection of infectious diseases. The company’s first product is a ready-to-use rapid detection DNA-probe screening test for MRSA. The Detect-Ready MRSA test provides increased accuracy, faster time to results and more efficient utilization of hospital resources compared to other MRSA diagnostic products. MDI was founded in 2007 and is headquartered in Wayne, PA. It has research operations and manufacturing facility in Jerusalem, Israel.

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