Tel Aviv-based Notal Vision, a developer of medical diagnostic solutions, announced today that it had successfully completed a $4 million financing round.
Investors in the round included holding company Elron (Nasdaq: ELRN), InnoMed Ventures and a group of private investors.
Innomed is the life sciences fund from Jerusalem Global Ventures. Elron, which owns 17% of Innomed, said it invested $2 million in the round and would directly own 25% of Notal after the investment.
Notal Vision’s initial financing round, in which Jerusalem Global Ventures was the sole investor, took place in May 2001.
Elron said the funding round followed the recent signing of a distribution agreement with Carl Zeiss Meditec, a major manufacturer of professional optics equipment.
Notal Vision says its first product, Preferential Hyperacuity Perimetry (PHP), is the first comprehensive diagnostic solution for the early detection and frequent monitoring of age-related macular degeneration (AMD). AMD is a leading cause of blindness in developed countries, with sixteen million patients in the US suffering from the early, subclinical form of AMD, and 1.5 million legally blind as a result of advanced AMD.
Jerusalem Global Ventures founding managing partner Shlomo Kalish said “the new funds will enable to the company to start shipping products and develop the next products already on the drawing board. Notal is quickly becoming the gold standard in AMD detection and monitoring, something that can bring the light to millions world wide.”
The company’s founders are Dr. Barak Azmon and Dr.Yair Alster.
Published by Globes [online] - www.globes.co.il - on 27 January, 2003