HERZLIYA, Israel, June 2 /PRNewswire/ -- Angioslide, Ltd. today announced the closing of an US$8.6 million Series C financing round. Angioslide is the developer of the unique Angioslide eXtra(TM) angioplasty balloon catheter that provides dual functionality in a single device offering balloon angioplasty with embolic protection. The device has received European CE Mark approval for lower limb use and FDA clearance is expected by end of 2008. 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. European sales activities shall commence September 2008.
Itochu Corporation, Japan, led this second round of financing with support from Ofer Hi-Tech, Israel and Viola Partners, Israel, who both participated in the previous financing round.
The Angioslide eXtra balloon angioplasty catheter offers balloon angioplasty with embolic particle capture creating a first of its kind device. When performing Angioplasty physicians typically take a two-step approach using both an embolic protection device and a balloon angioplasty catheter. 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. "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."
"We are very proud of the first involvement with the Itochu Corporation. The strong management team coupled with an innovative product offering promises to change the landscape of angioplasty and peripheral vascular disease treatment," said Lihu Avitov, Executive Vice President, Ofer Hi-Tech.
About Angioslide, Ltd. Angioslide was founded in 2005 in Herzliya,
Israel. They have developed a unique angioplasty balloon catheter that has
dual functionality in a single device: balloon angioplasty with embolic
protection. The Angioslide eXtra addresses an unmet need for an
easy-to-use, efficient and cost-effective embolic protection solution for
the peripheral vascular disease market. It is the first device of its kind
to seek FDA clearance for use in lower limbs. The device has received
European CE Mark approval for lower limb use with FDA clearance expected by
end of year 2008 followed by application for renal use. For more
information contact Doron Besser at firstname.lastname@example.org.
|SOURCE Angioslide Ltd.|
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