A Medical Device Daily
Angioslide (Herzliya, Israel) reported the closing of an $8.6 million Series C financing round. The company has developed the Angioslide eXtra angioplasty balloon catheter designed to provide balloon angioplasty with embolic protection in a single device.
The Angioslide eXtra has received CE-mark approval for lower limb use and the company expects FDA clearance by the end of the year followed by an application for renal use.
The financing will be used to support sales and marketing efforts in the U.S. and Europe as well as for continuous development of expanded market applications, Angioslide said. The company said it would begin selling the device in Europe in September.
Japanese firm Itochu led this second round of financing with support from Israel-based Ofer Hi-Tech and Viola Partners, who both participated in the previous financing round.
When performing angioplasty, physicians typically take a two-step approach using both an embolic protection device and a balloon angioplasty catheter, the company noted. The Angioslide eXtra takes this two-step, two-device process and reduces it to one single instrument, used for one single procedure, with a minimized procedure time and significantly reduced costs.
"After 30 years of balloon angioplasty, this is the first time that a balloon can do more than standard inflation and deflation and the response from the medical community has been remarkable. Imagine a lower limb angioplasty product that functions as both a balloon catheter and an embolic protection device," said Doron Besser, CEO of Angioslide.
He added, "With the increasing amount of procedures being performed in the lower limbs and other peripheral regions causing a higher rate of embolic events, it is clear from capitol infusion we have received that the Angioslide eXtra is addressing an unmet need. I can't think of a better qualified investor group to partner with than, Itochu, Ofer Hi-tech and Viola, as we look to FDA approval later this year and initiating European and U.S. sales."
Lihu Avitov, executive VP of Ofer Hi-Tech, said, "We are very proud of the first involvement with Itochu. The strong management team, coupled with an innovative product offering, promises to change the landscape of angioplasty and peripheral vascular disease treatment."
Angioslide was founded in 2005. According to the company, the Angioslide eXtra is the first device of its kind to seek FDA clearance for use in lower limbs.
In other financing activity:
• EnzySurge (Richmond, Virginia), a developer of advanced chronic wound management products, said it has raised $4 million in its latest financing round. The round was extended from $2 million to $4 million and was led by Eli Gilboa from Gilboa&Licht, who is the company's chairman.
To date, EnzySurge has raised a total of $7.3 million. The company said it plans to use the additional capital to commercialize its products, for market launch in early 2009. It estimates that the addressable market for its DermaStream products is $6 billion.
EnzySurge's DermaStream product line is based on its continuous streaming therapy (CST) technology. According to the company, the system continuously streams a fresh supply of active solutions to a controlled wound environment. EnzySurge says it has developed a series of bio-active therapeutic solutions to facilitate safe and effective healing of chronic wounds through all phases, from debridement, through regeneration to closure. The DermaStream family of products is designed to treat all forms of chronic wounds including diabetic ulcers, venous ulcers and pressure ulcers.
EnzySurge is currently completing the second phase of a multi-centered, double blind clinical trial focused on chronic leg ulcers (venous ulcers). The intermediate results of the trial indicate a significant improvement and acceleration in treatment.
• Acculis (Hampshire, UK) said it has finalized a multi-million-dollar funding package to complete commercial development of the needle probe version of its recently launched MTA high power microwave coagulation system. The funding has been secured from private equity sources in the U.S. Details were not disclosed.
"Where the current MTA product is aimed at the open liver surgery market, our new 1.8mm device will extend large volume microwave coagulation therapy into the lung and bone cancer arenas," said CEO Stuart McIntyre. "In the hands of interventional radiologists as well as surgical oncologists this product will allow minimally invasive procedures to be delivered where the precision, speed and power of microwave energy will allow many more treatment options than are possible with existing radiofrequency technology."
Acculis develops microwave energy ablation systems for oncology applications. Acculis is part of the Microsulis group of companies.