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Remon Medical Technologies Ltd. Completes Series C Financing, Raising $26 Million


10/19/2005 5:09:37 PM

WALTHAM, Mass. and CAESAREA, Israel, Dec. 27 /PRNewswire/ -- Remon Medical Technologies, Inc., a privately held medical device company, today announced that it has completed the final closing of an oversubscribed Series C financing raising a total of $26 million. New investors participating in this final close of the round include Triathlon Medical Ventures, Medica Venture Partners and Guidant Corporation . Remon's other major investors include Polaris Venture Partners, Concord Ventures, Lilly Ventures, KBL Healthcare Ventures and Ofer Hi-Tech. Upon this close of the financing, Carrie Bates, Managing Director of Triathlon Medical Ventures and Batsheva Elran, Managing Partner of Medica Venture Partners, have joined the Remon board of directors. Remon plans to use the funds to expand its presence in the U.S. and continue the development of its technologies and product portfolio, through its Israeli R&D subsidiary.

"We are delighted by the outstanding group of investors we have been able to attract to Remon, and look forward to working together to progress Remon's various development programs", said Hezi Himelfarb, Chief Executive Officer of Remon. "The capital raised in this round will allow us to advance the integration of our innovative intra-body communication technology inside therapeutic products."

Remon Medical's technology is integrated into minute implants, requiring no antenna, wires, or connecting leads -- allowing a tiny device implanted deep inside the body to communicate wirelessly with other implanted devices and external systems. The company intends to commercialize its products through internal efforts and strategic collaborations with world-leading partners. The company's intra-body communication -- a novel proprietary technology -- enables communication between its implantable sensing or actuating platforms and other active implantable devices in a totally wireless fashion.

Remon Medical continues its clinical trial of the Remon Impressure(TM), a device that offers on-demand, non-invasive means to monitor intra-aneurysm pressures following endo-vascular graft procedures. The device was implanted and is being used successfully in 21 patients in the Mount Sinai Hospital (New York).

Remon Medical also develops the Remon HeartLook(TM), a device for measurement of pulmonary artery pressure -- the most important hemodynamic indicator in heart failure. A one-time, minimally invasive catheter-based procedure will provide unlimited, non-invasive home-based monitoring of the CHF patient's hemodynamic status.

About Remon

Remon Medical Technologies, Inc. develops and commercializes smart, miniature implants which enable physicians to assess and treat a variety of medical conditions in a non-invasive manner. The Company's enabling technology utilizes wireless communications to exchange energy and data with miniature devices placed deep inside the body, in order to either monitor a variety of physiological parameters or to stimulate tissues and organs or to activate other devices, creating therapeutic responses. Remon's unique platform has broad applications for patient management, post-operative monitoring, nerve and tissue stimulation, and local drug delivery/release. Remon is backed by leading global investors, including Concord Ventures (http://www.concordventures.com/), Polaris Venture Partners (http://www.polarisventures.com/), Lilly Ventures (http://www.lillyventures.com/), KBL Healthcare Ventures (http://www.kblhealthcare.com/), Ofer Hi-Tech Group (http://www.oferhitech.com/), Triathlon Medical Ventures (http://www.tmvp.com/), Medica Venture Partners (http://www.medicavp.com/) and Guidant Corporation (http://www.guidant.com/). For more information, visit http://www.remonmedical.com/.

CONTACT: Hezi Himelfarb CEO Remon Medical Technologies, Inc. U.S. Mobile: +1-201-658-6383 OUS Mobile: + 972-52-249-7044 Email: Hezi.Himelfarb@RemonMedical.com

Web sites: http://www.concordventures.com http://www.polarisventures.com http://www.lillyventures.com http://www.kblhealthcare.com http://www.oferhitech.com http://www.tmvp.com http://www.medicavp.com http://www.guidant.com http://www.remonmedical.com

Remon Medical Technologies, Inc.

CONTACT: Hezi Himelfarb, CEO of Remon Medical Technologies, Inc., U.S.Mobile, +1-201-658-6383, or OUS Mobile, + 972-52-249-7044, orHezi.Himelfarb@RemonMedical.com



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