Evergreen Partners, Yozma Venture Capital, and Ofer Hi-Tech invested in the company, which is developing an implant for treating diastolic heart failure.
Medical device company CorAssist Cardiovascular Ltd. has raised $4 million in a financing round led by Evergreen Partners, with the participation of Yozma Venture Capital and Ofer Hi Tech Ltd..
CorAssist CEO Dr. Lea Lak said proceeds from the round would enable the company to complete preclinical trials and conduct a human pilot of its first product, ImCardia. ImCardia is an implant for treating diastolic heart failure, caused by the inability of the left ventricle to relax properly and fill with blood. This results in hypertension, as the body attempts to expand the left ventricle, which can cause pulmonary congestion and possible death.
Lak says CorAssist is about to complete animal trials, and will begin Phase I human clinical trials in 2007. The company says data indicate that the potential market for devices to treat congestive heart failure could reach $6.5 billion by 2008.
Founded in 2002, CorAssist is based in Ofer Brothers’ Naiot Technology Center.
Published by Globes [online], Israel business news - www.globes.co.il - on January 29, 2006