Medical devices start-up Pocared Diagnostics Ltd. has raised $10.7 million from Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) and Vitalife Life Sciences Venture. The investment is in two equal tranches, giving a company value of $23 million. Elron will own 22.5% of Procared following the investment.
Pocared is developing a point-of-care (POC) In-Vitro Diagnostics (IVD) system to enable immediate, on-site analysis of human fluids and specimen in order to provide physicians with real-time detection, identification and antibiotic sensitivity of pathogenic bacteria. These systems are based upon its selective spectrum technology.
Elron said that the company's first application, expected to be launched during the next 24 months, will target medical IVD.
Elron president and CEO Doron Birger told “Globes”, “We usually invest in companies that will revolutionize their fields, as we did for example with Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) and BrainsGate Ltd. This is the case here too, by greatly shortening test times, which could significantly change the quality of patients’ treatment. We also invest in companies targeting large markets. Pocared’s technology is designed to identify bacteria from samples taken from patients, but later it can also be used to test for contaminants in the air or water.”
Procared Diagnostics CEO Jonathan Gurfinkel and VP R&D Gal Ingber founded the company. The company previously raised $2 million from Medtechnica Ltd. (TASE: MEDI) and I-Vision Ltd.
Published by Globes [online], Israel business news - www.globes.co.il - on June 12, 2007
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