NEW YORK, Aug. 23 /PRNewswire/ -- NGN Capital led a $10 million financing of Sightline Technologies Ltd. ("Sightline"), an innovative medical device company located in the Advanced Technology Center in Haifa, Israel. The investment syndicate, including Vitalife, Infinity, Inventech, and the Fishman Group, purchased Series D preferred stock. Sightline is focused on commercializing and further developing the FDA-cleared ColonoSight(R) system, a colonoscope with a disposable ColonoSleeve(R) tube and sheath, which is used for diagnosing and treating abnormalities in the large intestine.
Sightline holds 5 key patents and has filed 12 more patent applications. Its intellectual property covers the pioneering use of the ColonoSight(R) system, including the EndoSight(R) non-fiber optic colonoscope, the disposable ColonoSleeve(R) multi-lumen tube that is covered by a compressed protective sheath, and the electro-pneumatic System Control Unit (SCU) which powers the device. The company's advanced IntraPull(R) power-assisted disposable technology potentially improves the safety and speed relative to traditional colonoscopy systems, while the protective sheath places a disposable barrier between the patient, the EndoSight(R) scope, and the physician. Together, this innovative system allows gastroenterologists to more quickly and confidently diagnose and treat abnormalities in the large intestine. Early clinical data show that the ColonoSight(R) system is capable of reducing the risk of infection to both the patient and physician, while potentially reducing the risk of intestinal perforation to the patient.
Sightline's ColonoSight(R) system is already FDA-cleared for the U.S. market where the company will soon commence a pre-marketing clinical study in order to further validate the ColonoSight(R) cost effectiveness. "I am very gratified to have completed this financing round at this opportune time, aided by the efforts of NGN Capital together with Vitalife, Infinity, Inventech, and the Fishman Group" explained Avi Levy, President of Sightline. "The financing proceeds will be used to provide growth capital for Sightline to expand its marketing and production infrastructure. During the next 6-12 months, the company expects to significantly increase its staff, from 30 to 50 employees."
Avi Ludomirski, Founder and Managing Director of Vitalife, who also serves as Chairman of Sightline, stated "I am very optimistic about our strong pipeline of products that will be advanced by a seasoned management team and an advisory board of leading experts in the field of colonoscopy."
Kenneth S. Abramowitz, Managing General Partner, represented NGN Capital as the lead partner in this investment and will hold a board seat. "I am very excited to join the board of Sightline and look forward to helping guide the company's successful entry into the marketplace." John R. Costantino, a Managing General Partner of NGN Capital, will hold an observer seat.
About Sightline Technologies Ltd.
Sightline is a privately-held high technology medical device company focused on developing and marketing the ColonoSight(R) system, which incorporates advanced patient and physician safety features. The company is headquartered in Haifa, Israel and at present has 30 employees.
About NGN Capital
NGN Capital is a global healthcare venture capital investment firm with offices in New York, NY, Heidelberg, Germany, and Greenwich, CT. NGN has investment capabilities across a broad spectrum of healthcare and biotechnology segments, including drug products, medical devices, and healthcare services, with an emphasis on later-stage opportunities.
More information on NGN can be found at http://www.ngncapital.com
NGN CapitalCONTACT: John R. Costantino of NGN Capital, +1-212-972-0077,jcostantino@ngncapital.com
Web site: http://www.ngncapital.com/