Lod-based start-up InterCure has completed its second financing round, raising $4.5 million, the company announced today. The company value for the round was not disclosed, but company sources estimated it was $3-40 million. before money.
Medica Fund II, which specializes in biotechnology and medical devices investments, led the round, with its first investment in the company. United Mizrahi Bank's investment company, whose earlier investment was combined into this round, also participated.
In June, InterCure announced the completion of a $3.5 million financing round, including the investment by United Mizrahi Bank. That investment was combined into the current round. In other words, the two financing rounds are partly overlapping. The previous round was held at a company value of $40 million, after money, so that is also the valuation for the current round. InterCure plans to hold another financing round soon, after which it hopes to hold an IPO.
InterCure develops non-invasive treatments for chronic cardiovascular diseases. The device that supplements treatments for hypertension has been approved for marketing in Europe, Israel and recently in the US, too. InterCure combines its treatment device with a diagnostic device and Internet-based automated monitoring and support systems.
The capital raised will be used to prepare for the launch of the company's so-called revolutionary device for non-invasive treatment of hypertension, scheduled for 2002. The money will also be used for further clinical trials for the company's technology applications for congestive heart failure and asthma. The respiratory treatment developed by the company has possible applications for other cardiology and respiratory diseases.
Previous investors in the company are True North Partners, Palladin Capital Group, private investors, and InterCure chairman Daniel Plotkin.
InterCure was founded by Benjamin Gavish and his son, Erez Gavish. The company develops a group of non-invasive treatments for chronic diseases, including hypertension, congestive heart failure, and chronic obstructive pulmonary disease and asthma. InterCure CEO Paul Shiels is thr CEO. The company has offices in Lod and New Jersey.
Published by Israel's Business Arena on 30 October 2001