Chinese fund buys Perflow Medical for $100m

Perflow CEO Dr. Danny Farin Photo: Eyal Izhar
Perflow CEO Dr. Danny Farin Photo: Eyal Izhar

The Israeli medical device company has developed neurovascular treatments for hemorrhagic and ischemic strokes.

Israeli medical device company Perflow Medical has announced that it has been acquired by an unnamed Chinese private equity firm. Financial details were not disclosed but sources close to the deal told "Globes" that it is for about $100 million.

Perflow Medical develops solutions for complex neurovascular treatments including a proprietary line of devices for hemorrhagic and ischemic strokes. The company was founded in 2014 in the RAD Biomed Incubator by CEO Danny Farin, Dr. Eyal Orion, Gilad Cibulski and Avi Rappaport and has raised $17 million to date from the incubator and the Zisapel brothers, Zohar Gillon, Dov Baharav, Ari Steimatzky, the Technion's Amit Fund, Singapore's PixVine Fund and China's Jingxin Pharma.

This is Farin's second exit, after managing EON Surgical, which also grew out of the RAD Biomed incubator and was sold to US company Teleflex after developing scarless surgical solutions.

Perflow has developed a system that can be inserted into the brain's blood vessels. Dr. Farin said, "We have brought major innovation to the market. Instead of a wire with a stent at the end, or device which is like a fishing rod that catches a blood clot and pulls it out, our unique technology allows the doctor to precisely control the diameter of the mesh and to ensure that he gets the entire blood clot and to move with flexibility and easily through the blood vessels in the stage when taking out the clot."

On this basis, Perflow Medical has developed other products including a treatment for brain aneurysms (situation in which the blood vessels gradually weaken and tear causing a hemorrhaging stroke), and involuntary contractions of the brain's arteries, which can be a side effect of a hemorrhaging stroke causing an obstructive stroke where the contracting blood vessels do not allow the bloods to flow.

Perflow's first device called the Stream Dynamic Neuro-Thrombectomy Net for mechanical thrombectomy procedures for the treatment of acute ischemic stroke received EU clearance in 2018 for marketing in Europe and has recorded several million dollars in sales through distributors but has yet to receive FDA approval for the US but trials have been conducted and the regulatory file is ready for submission.

Published by Globes, Israel business news - en.globes.co.il - on January 5, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Perflow CEO Dr. Danny Farin Photo: Eyal Izhar
Perflow CEO Dr. Danny Farin Photo: Eyal Izhar
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