Israeli smart medical sock company Elastimed announced that it has been awarded a $1.6 million grant over two years from the EU's Horizon 2020 program as a part of the European Innovation Council (EIC) pilot. The grant will be used to further product development, clinical studies, production scale-up, marketing and expanding the company's current intellectual property.
Yokneam-based ElastiMed has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, stimulated by electric pulses, ElastiMed's device, compresses and massages the legs to increase blood circulation. 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 reduce athletes' recovery time.
The company was founded in 2015 at The Trendlines Group's (SGX: 42T) (OTCQX: TRNLY) Incubator in northern Israel.
ElastiMed founder and CEO Omer Zelka said, "Being one of the companies chosen to receive the Horizon 2020 grant is indeed an honor. It is another step forward in ElastiMed's quest to bring its product to market and provide users with a compression therapy solution that they can use comfortably."