Israeli company LifeBond, which develops bio-surgical medical devices for tissue repair, announced today it has closed a $27 million Series D preferred equity investment. Participants in the round include Pitango Venture Capital, Adams Street Partners, Sino Biopharmaceutical Ltd., and all existing investors.
Founded in 2007 by Ishay Attar and Orahn Preiss-Bloom, te company has raised $60 million to date. The Ceasarea-based company's LifeSea is designed to minimize post-operative complications such as staple-line leakage in GI and bariatric surgeries. Anastomotic (point of surgical connection) leakage after a colorectal resection is associated with significant mortality and morbidity, with anastomotic leakage occurring in as many as 15-19% of patients. LifeSeal was developed to address the unmet surgical need for a sealant that provides a protective layer that can reduce anastomotic leakage.
LifeBond chairman and Pitango general partner Ittai Harel said, “LifeSeal is a novel product that addresses an urgent unmet need that industry has not been able to solve for, until now. The product has the potential to greatly reduce surgical leaks, which are associated with potential infections and other serious complications, risking the lives of hundreds of thousands every year."
He added, “The company has in recent years made great advances, with compelling pilot clinical results, commercialization prep, and an expanding surgical product line offering, as evidenced by the strong support from the investment community. We are pleased to continue and support, and be part of, the evolution and development of LifeBond.”
Lifebond CEO Gideon Sturlesi said, “The technology can be applied to create a nearly endless pipeline of products. And based on the feedback and enthusiasm of leading surgeons worldwide, we have industry confirmation that our technology and products have the potential to effectively fill a large unmet need. Moving forward we plan to methodically continue implementing our existing strategy with the goal of bringing our products to market as soon as possible.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2015
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