Israel catheter development startup Pi-Cardia Ltd. has completed a $10 million financing rounding including participation by a new strategic investor. Also participating in the round, were Italian funds Innogest and Fondo Atlante Ventures, Chinese fund VI-Ventures and existing investors in the company, including Clal Biotechnology Industries Ltd. (TASE: CBI), and Anatomy Medical Technologies Fund.
Based in Rehovot, Pi-Cardia, which was founded in 2009, has developed the Leaflex Catheter System - a novel non-implant based technology for treating patients with aortic valve stenosis. The company's proprietary technology is based on delivering mechanical impact for creating fractures in valve calcifications, without injuring the surrounding soft tissue.
Pi-Cardia aims to expand the treatment options in the rapidly growing multi-billion dollar market currently dominated by surgical or trans-catheter aortic valve replacement (SAVR/TAVR).
Pi-Cardia founder and CEO Erez Golan said, "As much as TAVR improves and becomes a routine procedure in lower surgical risk patients, it is still a relatively complex and expensive implantation procedure, which restricts its use to specific centers and specific cases. In today's budget sensitive environment, waiting lists for TAVR are common even in the most developed countries, let alone in emerging markets, where TAVR may not be a viable option for a while."
In 2015, Pi-Cardia successfully completed enrolling the first set of patients in its FIM study in Europe, demonstrating safety and feasibility of the procedure. The funds raised would allow the company to complete the development of a second generation device, and to continue the clinical studies for showing its safety and performance, towards CE-Mark.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2016
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