Stroke treatment company BrainsGate Ltd. has raised $20 million, reports main investors and shareholder Elron Electronic Industries Ltd. (Pink Sheets: ELRNF; TASE: ELRN), which provided $7.1 million of the round, increasing its stake in the company to 30%.
Sources inform ''Globes'' that Pitango Venture Capital also invested in the round.
The round apparently included no new investors. It is not known which of BrainsGate's current investors - Johnson & Johnson Development Corporation, Boston Scientific Inc. (NYSE: BSX), Alice Ventures, GlenRock Israel, Infinity Private Equity, and Agate Medical Investments LP also participate in the round.
The financing round will be in three stages, based on milestones. The funding should enable BrainsGate to complete the clinical trial on its ischemic stroke treatment, which will include 600 patients. 300 patients have already participated in the trial.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011