Trendlines Group Ltd. portfolio company MitrAssist, which is based at the Misgav Venture Accelerator has raised $1 million from angel investors and a multinational private strategic investor. The company sadi that it set out to raise $600,000 in April and, due to overwhelming response, substantially exceeded their raise target.
MitrAssist has developed a minimally invasive approach to treating Mitral Regurgitation (MR), a disorder of the heart in which the mitral valve does not close properly when the heart pumps out blood. Each year, 250,000 people in the US are diagnosed with MR. MitrAssist's proprietary implant is placed on top of the heart's own mitral valve and works in unison with it to enhance the valve's functionality.
The company says that this "valve-in-valve" approach brings an improved, safe, cost-effective treatment solution for all MR patients, especially patients who are unsuitable for open-heart surgery, the only current solution. The company's novel system offers a number of significant advantages: it preserves the natural mitral valve functionality, has minimal effect on heart physiology, conforms to any anatomical shape, and is designed for long-lasting results. It is also easy to implant and dramatically decreases the length of the procedure and patients' recovery time. The company has a patent pending.
The funds raised will be used to complete transapical chronic studies on animals, MitrAssist's next milestone.
MitrAssist CEO Gil Naor said, "We give hope to people who currently don't have the opportunity of undergoing surgery because it's too dangerous due to either their medical condition or age."
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2013
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