Hemostatic solutions co LifeBond raises $1.5m

GlenRock and The Zitelman Group of the US made the investment.

Hemostatic solutions start-up LifeBond Ltd. has raised $1.5 million from GlenRock Israel and The Zitelman Group of the US. The company is developing a hemostatic bandage to stop bleeding during surgery or as a result of trauma, which will reduce the need for transfusion. Proceeds from the financing round will be used for a preclinical feasibility study of the product.

LifeBond CEO Ishay Attar, Orahn Preiss-Bloom, and Nir Mashkif founded the company. Attar previously served as VP of Misgav Technology Center. David Haselkorn has been appointed chairman of the company following the round. Haselkorn previously served as CEO of Clal Biotechnology Industries Ltd. (TASE: CBI) and Savient Pharmaceuticals Inc. (Nasdaq: SVNT).

LifeBond’s bandage releases a sticky gel that creates a barrier when it comes into contact with blood, thereby preventing blood loss. Present bandages absorb blood and are ineffective in cases of massive hemorrhaging or if the person is taking anti-coagulants. The bandage functions in a very similar way to Omrix Biopharmaceuticals Ltd.’s (Nasdaq:OMRI) Fibrin Patch, a a Biologic Hemostatic Dressing with a sealant, which is about to undergo clinical trials. The main difference between the two products is that LifeBond’s gel uses synthetic materials, whereas fibrin is derived from human plasma, which makes it rare and costly.

Attar says, “There are a million cases a year of life-threatening hemorrhaging during surgical procedures. 50,000 people die from trauma in the US every year. Surgical procedures currently spend half their time stopping bleeding, and our bandage is expected to result in a significant saving in time.” He added he expects the bandages to obtain regulatory approval in the US, Europe and Israel during 2008.”

Published by Globes [online], Israel business news - www.globes.co.il - on August 16, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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