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8/11/2010 7:48:12 AM
MISGAV, Israel--(BUSINESS WIRE)--Nephera, a medical device company that was started in the Misgav Venture Accelerator, today completed its second round of capitalization, in which it raised $2.85 million. Aurum Ventures, Evergreen Venture Partners, and the Trendlines Group (through its Misgav Venture Accelerator unit) took part in this round.
The investment will enable Nephera to launch clinical trials of its device for the treatment of patients suffering from congestive heart failure (CHF). The device, designed to improve and maintain kidney function during these patients’ frequent hospitalizations, is based on electrical stimulation of the urinary system. At present, the decline in kidney function during hospitalization causes a deterioration in the patient’s overall condition. The company successfully completed a round of pre-clinical trials recently and is expected to begin clinical trials in the coming months.
Nephera CEO Gill Bar-Yoseph said: “We are encouraged by the success of the investment round and thank the investors for their confidence in the company and in its product. Nephera’s solution for CHF patients is a breakthrough, especially as the prevalence of the illness has been increasing over the years. We intend to start clinical trials as soon as possible.”
According to Dr. Ronit Bendori of Evergreen Venture Partners, “The solution proposed by Nephera is unique in its simplicity and in its ability to treat a heart problem via a peripheral system, namely, the urinary system. The product developed by the company has a growing target population of CHF patients and can lead to a dramatic change in this area."
“Having witnessed the success of the pre-clinical trials,” said Dr. Dan Gelvan of Aurum Ventures, ”we believe that, together with the company’s management, we will succeed in obtaining good results in clinical trials and soon reach the stage of sales."
CHF is a major problem in industrialized countries. In the United States alone, more than a million people are hospitalized each year due to CHF; in fact, it is the leading cause of hospitalization among older patients in the US. The prevalence of the disease has increased over the years, partly due to improved medical care and the consequent rise in life expectancy.
Nephera was established in the Misgav Venture Accelerator in 2008. It is developing a device to treat patients suffering from congestive heart failure based on electrical stimulation of the urinary system. The company recently completed a round of pre-clinical trials and is expected to begin clinical trials in the near future.
The Misgav Venture Accelerator (http://www.misgav-venture.com), founded in 1992, specializes in medical instrumentation, pharmaceutical, and biotechnology companies. Recently, it was named “Best Incubator” of 2009 by the Chief Scientist. The Israeli Trendlines Group owns a controlling interest in the accelerator.
ABOUT AURUM VENTURES
Aurum Ventures MKI is the technology investment arm of Morris Kahn, a prominent businessman, philanthropist, and entrepreneur. Aurum invests in life-sciences and cleantech companies based in or connected to Israel, in all stages of development.
Evergreen Venture Partners, founded in 1987, has become a leader in the Israeli venture capital market. It invests in startups specializing in software, the Internet and new media, communications, and the life sciences, remaining with them throughout their lives starting with the initial stages. Evergreen manages $700 million in venture capital funds and has so far invested in more than 120 startups. Evergreen has had 37 successful exits involving stock issues or the sale of companies, including Exalink, BigBand, Traiana, Colbar, Identify, and Dune. For further information, please visit the company’s website: www.evergreen.co.il.