Israeli medical device company ElastiMed has announced that it has raised $1 million from previous investors The Trendlines Group (SGX: 42T) (OTCQX: TRNLY) and Pix Vine Capital, new private investors, and the Israeli Innovation Authority. Based in Misgav in northern Israel, this is the compression therapy company's second financing round, bringing the total raised to date to $2 million.
The new funds will be used to conduct a clinical study, regulatory filings, and to further expand the company's intellectual property.
ElastiMed has developed a wearable medical device that improves circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, ElastiMed's device compresses and massages the legs when stimulated by an electric pulse. The smart sock provides patients with a comfortable, easy-to-wear, highly effective, and affordable treatment option to prevent symptoms such as swelling, blood clots, leg ulcers, and sports injuries.
Elastimed founder and CEO Omer Zelka said, "We are thrilled with the support and interest that our existing and new investors have demonstrated. It is indeed a vote of confidence in ElastiMed's future and potential."
Trendlines chairman and CEO Todd Dollinger said, "ElastiMed's huge market is clearly in need of better solutions for chronic edema and DVT. We are proud of ElastiMed's achievements so far and look forward to seeing them enter the marketplace."
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2017
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