CAESAREA, Israel, May 25, 2011 /PRNewswire/ -- LifeBond, a biosurgery device company, announced today that it has
Today's financing follows seed funding from the Trendlines Israel Fund, a $1.5M A financing round led by GlenRock Israel and an $8.5M B financing round led by Pitango and Mr. Robert Taub.
LifeBond develops surgical sealants and hemostats intended for preventing leakage and bleeding. The company plans to use the financing announced today to complete the pre-clinical and clinical phases of the company's flagship product, LifeSealGI(TM), a sealant indicated for reinforcement of gastro-intestinal anastomoses. Post-surgical leakage from anastomoses is currently a significant risk factor that can result in life threatening complications and costly re-operations. In certain surgical procedures the risk of leakage is up to 20% of overall procedures.
LifeBond anticipates that LifeSealGI(TM) will reach the market towards the end of 2012, pending regulatory approval. In addition, the company will continue to develop its severe bleeding control product, LifePatch(TM), and a hernia mesh fixation which is based on the same technology platform.
LifeBond CEO Mr. Ishay Attar said, "LifeBond is rapidly marching forward to provide solutions for major un-met needs in surgery. We welcome the new investors to the company."
Mr. Attar added, "Closing this significant financing round in the current financial environment is a testament to the potential of LifeBond's technology. Surgical teams are actively seeking innovative wound closure products with improved performance and ease-of-use to seal surgical staple-lines and stop severe bleeding. We are looking forward to using the proceeds provided by this round to bring our first products to market as early as possible. Once approved, our products are likely to become essential parts of the surgical toolbox and significantly improve surgical care."
LifeBond also announced today that Dr. Yuval Avni and Dr. Dan J. Gelvan have joined the company's Board of Directors.
Dr. Yuval Avni, a partner at Giza, said, "We are excited to partner with LifeBond's management team and investors. We have been following LifeBond since its inception and we have been very impressed with the founders' vision and business execution. We believe there is tremendous market potential for the first product, as well as the underlying technology. As a surgeon, aware of the need for surgical sealants, I had no doubts about LifeBond after having tried the products myself and witnessing the impressive performance. We look forward to working with LifeBond's team."
Ittai Harel, a partner at Pitango and co-chairman of LifeBond's Board of Directors commented,
"LifeBond has made great progress during the last two years on multiple fronts. LifeBond's founders, Ishay Attar and Orahn Preiss-Bloom, have established an excellent team and have led the company towards significant accomplishments in product development, manufacturing and clinical studies. These accomplishments clearly demonstrate the potential of the company's lead product and technology. We are encouraged by the company's progress and strongly believe in its potential. We welcome Giza and Aurum to the company, and look forward to working together, as the company progresses to clinical and commercial phases."
LifeBond is developing a line of biosurgical products for prevention of surgical leakage and bleeding. The company was founded in 2007 by LifeBond CEO Ishay Attar and Mr. Nir Mashkif. The company's headquarters is located in Caesarea Industrial Park. http://www.lifeÂbond.com
Giza Venture Capital established in 1992, is a pioneer investor in seed and early-stage technology companies. Giza currently manages five funds totaling about US$600 million. Giza investment professionals bring wealth of expertise and experience in Communications, Semiconductors, Information Technology, Enterprise Software, Life Sciences, CleanTech, Media, Internet and Entertainment. Giza established an office in Singapore in 2001 and is actively involved in supporting its Israeli related portfolio companies to expand and partner in the Greater China region. Giza has invested in around 100 companies in the sectors of Communications, Information Technology, Enterprise Software, CleanTech and Life Sciences, with more than 30 successful exits. http://www.gizavc.com
Aurum Ventures MKI is the technology investment arm of Morris Kahn, a prominent business man, philanthropist and entrepreneur. Aurum Ventures MKI invests in Israeli and Israel related companies in the fields of life sciences and clean-tech in all stages of development. http://www.aurum.co.il
About Pitango Venture Capital
Pitango Venture Capital, the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Israel and Silicon Valley, California, Pitango currently manages several venture funds totaling over $1.3 billion in committed capital invested in more than 100 companies. Pitango invests in high-growth companies in various stages, from seed and early stages to growth and late-stage, and supports them as they grow. Pitango's investment focus includes: Communications; Networking & Storage; Wireless, Cellular and Mobile technologies; Enterprise Software, Internet and Media; Healthcare & Life Sciences, and Clean Technologies. http://www.pitango.com
About Mr. Robert Taub
Mr. Taub is the Founder and former CEO of Omrix Biopharmaceuticals, a company specializing in the manufacturing of fibrin-based surgical hemostats. In December 2008 Omrix was acquired by Johnson&Johnson for $438M and today it operates as a fully owned subsidiary.
For more on Robert Taub: http://www.recoly.com/about
GlenRock is an investment company owned by Leon Recanati. It was founded in 2003 to invest in advanced technology and life-science companies. GlenRock's major investments are: Quigo (acquired by AOL), Kamada, Evogene, Mobileye and others. Leon Recanati is GlenRock's Chairman and General Manager, the leading partners and managers are Dr. Shula Recanati and Ziv Kop.
For more on GlenRock: http://www.grg.co.il
About Zitelman Group
The Zitelman Group is a Rockville, Maryland-based investment firm which invests in early stage technology and life science ventures, as well as residential and commercial real estate projects. Formed in 1985, TZG expanded its geographic focus to include Israel, where it has invested in two early stage funds and has made direct investments in four companies. http://www.tzg.com
Media Contact Ishay Attar, CEO LifeBond +972-4-6373979 firstname.lastname@example.org
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