CathWorks, which has developed non-invasive technology for imaging of arteries during angiography, has announced the completion of a $30 million Series C financing round led by Deerfield Management, which specializes in life sciences. Deerfield recently led a funding round in Israeli company Itamar Medical.
The investment will assist the company in launching its first product and marketing it in the US. Two months ago, CathWorks announced that it had received US Food and Drug Administration (FDA) approval for its lead product, FFRAngio, which provides imaging that facilitates guidance of miniature devices in heart treatment. It uses X-ray images that are in any case taken for such procedures, and replaces more invasive procedures designed to provide the physician with the same information. In a trial carried out by the company, the product was found to be as effective and accurate as the leading invasive product on the market, but safer and less demanding of the physician's time and effort. The trial was carried out on 380 patients.
In October 2017, CathWorks raised $15.8 million in a round led by triVentures and Quark Ventures. Among the company's investors are Planven Investments, Pontifax, Biostar Ventures, and Corundum Open Innovation.
CathWorks was founded in 2013 by Guy Lavi, who served as its CEO until a year ago and is now president of the company, together with Dr. Ifat Lavi, who is CTO, and Prof. Ran Kornowski, head of cardiology at Rabin Medical Center. The company's CEO is Jim Corbett, who previously served in senior positions at Boston Scientific, ev3, Baxter, and Alphatec Spine.
Published by Globes, Israel business news - en.globes.co.il - on February 5, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019