Start-up Mindguard Medical Devices, which develops medical devices for stroke prevention, today announced that it finalized a financing round with existing and new investors, raising $15 million.
The financing round included Medtronic, Inc. (NYSE MDT), Pitango Venture Capital, Tamir Fishman Ventures, Fantine Europe Fund, Ofer Brothers Hi-Tech, Eucalyptus Ventures, Gemini Venture Capital and The Fuller Foundation.
In addition, Mindguard also signed an agreement with Medtronic for the distribution of its first product, the Diverter system, in Europe and other CE-mark jurisdictions.
The Diverter system is designed to divert cardioemboli, a plaque-like debris in the arterial system, away from the brain. Without this potential diversion therapy, cardioemboli can flow to the brain, creating blockages that may lead to ischemic stroke, the company says.
“Mindguard endeavors to address the unmet needs of embolic stroke prevention”, said Dr. Ofer Yodfat, founder and chief medical officer at Mindguard. “The Diverter is intended to reroute harmful particles away from the brain into a non-hazardous territory, and its’ unique design enables particle diversion while maintaining undisturbed blood flow to the brain. The Diverter is an innovative attempt to prevent emboli originating from the heart and large vessels from reaching the brain”.
Mindguard chairman David Gal added, “The completion of this financing roundand the distribution agreement with Medtronic are both important milestones in Mindguard’s short history. We expect that our strong cash position, coupled with strategic partnerships with our investors and Medtronic, will assist in the commercialization of our products and realization of the company’s innovative medical and technological vision.”
MindGuard was founded in 2000 at the Naiot Technology Center incubator, and its headquarters are located in the coastal town of Caesarea, north of Tel Aviv.
Published by Globes [online] - www.globes.co.il - on 29 June, 2003