Israeli compression therapy co ElastiMed raises $1m

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ElastiMed is developing a wearable device using smart materials to treat CVI and prevent DVT.

Israeli compression therapy company ElastiMed has raised $1 million. The funds raised by ElastiMed, which is a portfolio company of Trendlines Medical, based at the Misgav incubator in northern Israel, include an investment from Pix Vine Capital, a Singapore-based investment house.

ElastiMed is developing an effective wearable device using smart materials to treat Chronic Venous Insufficiency (CVI) and to prevent Deep Venous Thrombosis (DVT).

Wearing compression stockings is a proven and effective treatment that works by exerting pressure on the lower limbs. The stocking reduces the diameter of distended veins and causes an increase in venous blood flow velocity and valve effectiveness. However, current compression therapy devices are inconvenient and difficult to apply, causing patients' non-compliance to reach 60%.

ElastiMed utilizes innovative, smart material technology in the development of an easy-to-wear stocking, which is expected to significantly improve patient compliance.

ElastiMed CEO Omer Zelka said, "We are extremely pleased with the interest that our technology has generated. The venture capital investment at this early stage is a testimony to the investors' confidence in our team and in the business potential that this technology holds."

Trendlines Medical CEO Eran Feldhay said, "For a company just starting off, this is an amazing achievement. I am confident that in the near future we will see ElastiMed's technology implemented in the treatment of CVI to provide a solution for the many patients worldwide who suffer from this condition."

Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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