TEL-AVIV, Israel, March 15, 2010 Cheetah Medical, aworldwide leader in noninvasive hemodynamic and cardiac output monitoringtechnology, announced today the closing of a $20 million financing round. Thefinancing was led by Ascension Health Ventures (AHV) and also included RobertBosch Venture Capital (RBVC), MVM Life Science Partners (MVM) and existinginvestors.
"We are very excited by the level of support provided by Cheetah'sdistinguished new investors, who share our vision for the extraordinarypotential of the NICOM platform," commented Yoav Avidor, M.D., ChiefExecutive Officer of Cheetah Medical. "By providing accurate, noninvasive,continuous hemodynamic information, NICOM can improve patient outcomes byhelping clinicians optimize fluid and vasoactive drug management in areassuch as critical care, anesthesia, emergency medicine and heart failure.Patients worldwide are already benefiting from the NICOM platform, and thesupport of our investors enables continued expansion to new clinicians,applications and global markets."
As a result of the financing, Dr. Walter Lin, an Investment Manager withAHV, Gadi Toren, Venture Capital Investment Partner with RBVC, and Dr.Stephen Reeders, a Managing Partner with MVM, have joined the company's board.
"Because of its accuracy and non-invasiveness, Cheetah's NICOM platformhas the potential to significantly expand the hemodynamic monitoring market,"said Dr. Walter Lin of AHV. "We are excited to partner with a company whosevalidated technology can both improve outcomes and reduce the cost of care inwhat is generally a high acuity patient population."
Decisions regarding appropriate fluid administration and titration ofdrugs that support the cardiovascular system have a profound impact onpatient survival, complications and cost of care. These concepts, also knownas fluid optimization and goal directed therapy, are increasingly becomingstandard of care. This is especially true in those who are critically ill,such as patients with sepsis, heart failure, kidney failure, and trauma, orthose undergoing major surgical procedures.
NICOM provides a simple to use platform that enables physicians andnurses to quickly obtain accurate advanced hemodynamic parameters at thebedside, thereby aiding in differential diagnosis and selection and titrationof the appropriate therapy to individualize patient care. Legacy approachesthat rely on invasive, costly catheters have more limited use due to concernsabout cost, maintenance requirements, invasiveness and potentialcomplications. NICOM provides accurate hemodynamic information through asafe, cost-effective, user-friendly platform that can be utilized byphysicians, nurses and other clinicians.
About Cheetah Medical
Cheetah Medical's NICOM(R) Noninvasive Cardiac Output and HemodynamicMonitoring System uses the company's proprietary BIOREACTANCE(R) Technologyto deliver continuous, accurate, noninvasive cardiac output (CO) and othervital hemodynamic monitoring parameters. The system is US FDA cleared and CEMarked, and since its commercial launch in 2008 has been adopted by a growingnumber of clinicians worldwide. Cheetah Medical headquarters is located inTel-Aviv, Israel and its United States headquarters is located in Portland,Oregon. For more information, visit our website athttp://www.cheetah-medical.com.
About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly-ownedsubsidiary of Ascension Health. AHV's role has been to construct and manage astrategic portfolio of investments that deliver a venture investment return,have the potential to transform the healthcare industry and significantlyenhance the quality of patient care. CHV II, LP, a limited partnershipbetween Ascension Health, Catholic Health Initiatives, Catholic Health Eastand Catholic Healthcare West, has been formed to expand this strategicinvestment initiative to other Catholic healthcare systems. AHV is thegeneral partner of CHV II, LP.
About Robert Bosch Venture Capital
The Bosch Group is a leading global supplier of technology and services.In the areas of automotive and industrial technology, consumer goods, andbuilding technology, some 270,000 associates generated sales of 38 billioneuro in fiscal 2009. Each year, Bosch spends more than 3.5 billion euros forresearch and development, and applies for over 3,000 patents worldwide. Withall its products and services, Bosch enhances the quality of life byproviding solutions which are both innovative and beneficial.
Robert Bosch Venture Capital GmbH invests worldwide in innovativestart-up companies at all stages of their development. Its investmentactivities focus on technology companies working in areas of business ofcurrent and future relevance for Bosch, above all automation and control,energy and environment, enabling technologies, and healthcare. Robert BoschVenture Capital GmbH also invests in services/ business models as well as newmaterials that are relevant to the above-mentioned areas of business.
For more information, visit http://www.bosch.com and http://www.rbvc.com.
About MVM Life Science Partners
MVM Life Science Partners LLP, founded in 1997, is a venture capital firmwhich manages three funds totaling more than $500 million and invests incompanies that discover, develop and commercialize innovations inbiotechnology, pharmaceuticals and medical devices for the life science andhealthcare markets. MVM has offices in both London and Boston, makinginvestments predominantly in Western Europe and the United States, and has agrowing team with wide-ranging experience across the life science and privateequity markets (http://www.mvmlifescience.com).Contact: Yoav Avidor, M.D., Chief Executive Officer Telephone: +972-3-644-0288. Email: [email protected]
SOURCE Cheetah Medical Ltd