Israeli premature ejaculation treatment company Virility Medical is raising $8 million in a financing round led by Arkin Investments, which is investing $6 million, and with the participation of the Almeda Ventures Limited Partnership (TASE: AMDA), which is investing $1.5 million, and other investors, the R&D Partnership has announced.
Virility Medical is in the advanced clinical stage of developing a single-use disposable skin patch with neuromodulation capabilities, which stimulates adjacent nerves and muscles to delay ejaculation. The company was founded in the NGT3 technological incubator in Nazareth by CTO Tal Gollan and is currently managed by CEO David Salton.
The current financing round will be used by Virility to obtain US Food and Drug Administration (FDA) marketing approval.
Almeda Ventures held its IPO on the TASE in October 2020 and since then its share price has risen 4.7% to give a market cap of NIS 63 million.
Almeda Ventures' partners are Tzahi Sultan, chairman of Discount Capital Underwriting and Dr. Irit Yaniv and Amir Blatt, former partners in Accelmed.
Almeda's portfolio so far contains BioProtect for protecting healthy tissues during prostate cancer treatment, digital health company TailorMed, tissue engineering company Nurami Medical (also a NGT3 graduate), and Lumen - Metaflow for tracking the metabolism.
Published by Globes, Israel business news - en.globes.co.il - on February 8, 2021
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