Israeli medical device company Butterfly Medical has raised $7 million in a Series B financing round led by Philadelphia-based New Rhein Healthcare Investors with the participation of existing shareholders.
Butterfly Medical has completed the enrollment of 49 patient to its multi-center clinical study testing the company’s novel implantable device in patients suffering from benign prostatic hyperplasia (BPH) or an enlarged prostate. Follow up results to date are positive and support initiating a pivotal registration study.
The Series B round was raised on the back of encouraging feasibility stage (initial safety and efficacy) data. The new capital raised will fund Butterfly Medical's pivotal US clinical trial and open US headquarters.
Based in Yokneam, Butterfly Medical was founded in 2014 in the Alon Medtech Ventures’ incubator, with the goal of developing a non-surgical treatment for men suffering from BPH symptoms. The company was founded by serial entrepreneur Yehuda Bachar.
BPH affects half of all men aged above 51, and up to 90% of men who are 80 or more years old. It occurs when a non-cancerous enlargement of the prostate gland encroaches on the urinary tract, increasing urethral resistance and obstructing the bladder. Symptoms include frequent need to urinate, especially through the night, and pain, among others.
Existing medications, transurethral resection of the prostate (TURP) and ablative technologies including radiofrequency, laser, and hot steam may also result in complications such as pain, bleeding, and erectile dysfunction.
Butterfly Medical CEO Idan Geva said, "We don’t believe in a one-size fits all approach to BPH treatment. We believe we’ve developed a simpler, safer device to complement existing therapies and offer a less invasive alternative to patients. With this financing, and our new partnership with the New Rhein team, we can accelerate our US clinical trials and initiate commercialization in a market eager for simple and safe solutions for this medical condition."
Butterfly chairman and Alon Medtech founder Shimon Eckhouse said, "Butterfly is an excellent example of an entrepreneurial company that has been able to efficiently develop and clinically test an innovative product to address a gap in medical treatment."
Published by Globes, Israel business news - en.globes.co.il - on October 6, 2020
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