YOKNEAM, Israel, July 17 /PRNewswire/ -- Arbel Medical, an Israeli start-up developing the next generation of medical equipment for removing tumors by freezing (cryotherapy), has completed raising $4.5 million of capital in its second round, led by the Giza Venture Capital fund.
The Docor International investment company, of the Van Leer group, has invested $1 million, joining the other Arbel investors who include Giza Venture Capital, Ofer High Tech, the Bridge Investment Fund from the USA, TRD and Fattal.
Dr Alon Dumanis, CEO of Docor, will be appointed as a member of the Board of Directors of Arbel Medical.
Arbel Medical works in the field of minimal-invasive treatments. The company is developing next generation medical devices for removing tumors by freezing (cryotherapy). Cryotherapy is currently considered as the most promising minimally invasive technique for removing tumors, a market that, according to MedMarket Diligence, is expected to grow at a rate of 30% a year in the coming decade. Arbel Medical brings promising news to women's health treatments, a market worth billions of dollars. Quick and effective treatment using Arbel's innovative device can even be carried out in clinics outside hospitals.
It should be noted that Arbel Medical was chosen as one of the three most promising start-ups in Israel in 2007 by the Export Institute, the Israel Life Sciences Institute (ILSI) and LSA.
Didier Toubia, Co-Founder of Arbel Medical, said that "the current round of capital raising provides the company important leverage to accelerate and expand its clinical trials overseas, establish itself in the American market, and launch its first product onto this market in 2009."
Elka Nir, a Partner in Giza and Chairperson of the Board of Directors of Arbel Medical, said: "Arbel is developing an innovative solution that meets a considerable need in the market and will provide a substitute for many of the surgical operations carried out in this field. We've been impressed by Arbel's achievements, including FDA approval, and are certain that Giza's global connections, experience and capabilities in the field of medical equipment will help the company fulfill its business vision.
We welcome Docor International joining the group of investors and the board of Directors, and are sure that they will make a great contribution to the Company."
Dr Alon Dumanis, CEO of Docor International, says: "After examining the company's capabilities and the market potential, it is our impression that Arbel's product is based on a ground-breaking technology that has already created considerable interest in the medical community. We are delighted to add Arbel Medical to Docor's portfolio, and intend to help the company meet its business goals with our experience and know-how in the field of life sciences."
About Arbel Medical
Arbel Medical, established in 2006, is active in the field of minimal-invasive treatments. The company is developing next generation medical devices for removing tumors by freezing (cryotherapy).
Among Arbel Medical's investors are Giza Venture Capital, which led the last capital raising round, the Ofer High Tech Group, the US-based Bridge Investment Fund, Docor International, TRD and Fattal.
About Docor International B.V
A leading investment group, Docor International B.V is part of the Van Leer Group Foundation. Docor invests in advanced technology-based companies with an Israeli presence, that make a significant contribution to the local economy. It focuses on companies in the life sciences, information technology and on industrial sectors with innovative technologies.
About Giza Venture Capital
Giza Venture Capital was established in 1992 and was one of the first Israeli investors specializing in early stage and seed investment. Giza manages around $500 million in four funds, and has invested in 87 companies with 32 exits to date.
Giza focuses in the fields of communications, semi-conductors, software, IT, internet, new media, and life sciences, and has offices in Tel Aviv and Singapore.
For additional information: http://www.arbel-medical.com or Didier Toubia, Co-Founder of Arbel Medical, firstname.lastname@example.org. tel: +972-49090000
|SOURCE Arbel Medical|
Copyright©2008 PR Newswire.
All rights reserved