Xenia Venture Capital Ltd. (TASE:XENA), which specializes in the development of technology startups, has announced the completion of a $2 billion financing round for Medi-tate, a portfolio company in which it holds a 22.25% stake, fully diluted.
Medi-tate develops products for treatment of urethra and prostate diseases. Its flagship product, iTIND 555, which is designed to treat patients with benign prostate hyperplasia (BPH), has CE certification for marketing in Europe.
"We're glad that the financing round for Medi-tate has been completed. The products of the company, which has attained good results in clinical trials, are aimed at a market amounting to $1 billion in Europe alone. Medi-tate's product treats BPH with an innovative medical device and a minimally invasive procedure taking only a few minutes. In addition to having been proved clinically effective, the product is simple and easy for doctors to use. It is better than the existing treatments: both drugs and a surgical procedure that is expensive and aggressive for the patient," said Xenia CEO Anat Segal.
In addition to a $1 billion potential market in Europe, there are 15 million BPH sufferers in the US, of whom only three million are being treated: 90% with drugs and 10% through surgery. The US market is estimated at $3 billion. Over 500,000 procedures are carried out annually in the rest of the world.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2015
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