Medical device company Remon Medical Technologies Inc. today announced that it has raised $16 million in the initial close of a Series C financing. This Series C Round is being led by Lilly Ventures and KBL Healthcare Ventures who were joined by new investor Ofer Hi-Tech Group and existing investors Polaris Venture Partners and Concord Ventures.
Remon plans to use the funds to expand its presence in the U.S. and continue the development of its product portfolio, through its Israeli R&D subsidiary.
Remon Medical Technologies Inc. develops and commercializes smart, miniature implants which enable physicians to assess and treat a variety of medical conditions in a non-invasive manner. The company's technology was developed by former Israeli naval officers, who applied ultrasound sonar concepts used in submarines to life-saving medical applications. The technology utilizes wireless communications to exchange energy and data with miniature devices, placed deep inside the body and requiring no antenna, wires, or connecting leads, in order to either monitor a variety of physiological parameters or to stimulate tissues and organs or to activate other devices, creating therapeutic responses.
Remon stated that its platform has broad applications for patient management, post-operative monitoring, nerve and tissue stimulation, and local drug delivery/release.
Remon intends to commercialize its product through internal efforts and strategic collaborations with international partners. The company's proprietary intra-body communication technology enables communication between its implantable sensing or actuating platforms and other active devices such as pacemakers, defibrillators, cardiac resynchronization therapy (CRT) devices and drug pumps in a completely wireless fashion.
Remon Medical has finished the enrollment for its clinical trial of the Remon Impressure, a device that offers on-demand, non-invasive means to monitor intra-aneurysm pressures following endo-vascular graft procedures. The device was implanted and being used successfully in 20 patients at Mount Sinai Hospital in New York.
Remon Medical also develops the Remon HeartLook, a device for measurement of pulmonary artery pressure - the most important hemodynamic indicator in heart failure. Remon HeartLook's one-time, minimally invasive catheter-based procedure will provide unlimited, non-invasive home-based monitoring of the CHF patient's hemodynamic status.
Remon is backed by investors including Concord Ventures, Polaris Venture Partners, Lilly Ventures, KBL Healthcare Ventures, and the Ofer Hi-Tech Group.
Published by Globes [online] - www.globes.co.il - on Thursday, September 23, 2004