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CorAssist Cardiovascular Ltd.
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12-03-2009
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CorAssist Raises $5.25 Million In Private Financing
Advancing The First Therapeutic Devices For Diastolic Heart Failure Into The Clinic
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March 12, 2009, Herzliya Pituach, Israel. CorAssist Cardiovascular Ltd., a
developer of novel therapeutic devices for Diastolic Heart Failure (DHF), announced
today that it has raised $5.25 million in a private financing led by Aurum Ventures
MKI. The round was joined by previous investors Ofer Hi-Tech Group, Yozma
Management, Evergreen Venture Partners and Argonaut Ventures.
“We have made significant progress with the ImCardia™, as well as with our
minimally invasive devices, the ImCardia-MIS and the CORrolla,” said Amir
Loshakove, CEO of CorAssist. “This additional capital enables us to continue the
execution of our strategy of leadership in therapeutic devices for DHF.”
The ImCardia™ is an elastic device placed on the outer surface of the left ventricle. A
breakthrough preclinical study has shown the ImCardia™ to harness elastic energy
produced by the left ventricle during systole (contraction) and to release the energy
and assist the heart during diastole (relaxation).
The Company has successfully implanted the ImCardia™ in six patients in a multicenter
safety clinical trial. Patients have shown the ImCardia™ to be safe with three
months, six months and with the first two patients, nearly 12 months follow-up.
“We are very excited to be investors in CorAsisst,” said Dr. Dan J Gelvan, the
Managing Director of LifeSciences at Aurum Ventures MKI. “There are currently no
effective solutions to treat patients with diastolic heart failure, which account for
nearly half of the heart failure population. The ImCardia-MIS and the CORolla have
the potential to be real breakthroughs in the cardiothoracic and cardiology market.”
The CORolla is an elastic device placed inside the left ventricle through minimal
invasive procedure. Preclinical studies have shown the device to be safe and to
improve diastolic function. First implantation in humans is expected early next year.
“I am convinced that with our new and current investors, and with our team, we can
achieve our goals and introduce a line of therapeutic devices that will make a
difference for DHF patients,” said Amir Loshakove, CEO of CorAssist.
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