Israeli medtech startup Ornim has closed a series C financing round of $20 million. The Kfar Saba based commercial-stage medical technology company specializes in clinical research, development, and distribution in the field of tissue and cerebral blood flow and perfusion. The financing was led by Chinese medtech VC fund LongTec HongTao China Ventures LP with the participation of existing investors OrbiMed, GE Ventures, and others. Founded in 2004, the company has raised $70 million to date.
Ornim president & CEO Israel Schreiber said, "LongTec's extensive expertise in developing and commercializing medical technologies in China and throughout Asia will greatly accelerate our current efforts in expanding our global market opportunity. In parallel as we continue to build our commercial presence in the US, we are currently in process of obtaining China Food and Drug Administration clearance for our c-FLOW™ platform and upon achieving clearance, expect to commence commercialization in China in the second half of 2017, which represents a significant opportunity for us."
Ornim's FDA cleared lead product, the c-FLOW™ non-invasive patient monitoring system, provides real-time, blood flow or perfusion measurement to the brain and other vital tissue in the body.
Based on Ornim's breakthrough proprietary UTLight™ technology combining near-infrared light with ultrasound pulses, the c-FLOW™ monitor is the first and only FDA-cleared direct, non-invasive, real-time bedside monitor clinically validated to accurately measure cerebral (and muscle tissue) blood flow changes. In particular, assessment of cerebral blood flow (CBF) is an important clinically validated measurement in any surgical procedure requiring general anesthesia and in the treatment and monitoring of patients in other critical care situations with a high risk of CBF fluctuations, such as stroke, shock, sepsis, cerebral edema, and traumatic brain injury. Use of the c-FLOW™ system to monitor CBF can facilitate early intervention planning during the timeframe in which neurological injury can be prevented or minimized, resulting in better patient outcomes and substantially lowering healthcare costs.
Since commercially launching in 2015, Ornim has seen rapid uptake into the market with a growing installed base in leading medical institutions in the US and growing.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2016
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