Cancer tracking co Navotek raises $4m

Dan Naveh's Agate fund invested in the firm, ahead of a larger round.

Cancer research start-up Navotek Medical Ltd. has raised $4 million from Agate Medical Investments LP, which was founded by Dan Naveh. Agate made the investment in the form of convertible bonds, ahead of a larger, separate financing round that the company is due to hold in the near future. Navotek previously raised $5 million at the end of 2007 from mid-tech fund Wanaka Capital Partners Mid-Tech Opportunity Fund LP, and US medical device fund Bridge Investment Fund LP, together with Shimon Eckhouse, who also made a pre-seed investment in the company.

Navotek, which was founded in 2005, has developed a technology designed to deliver a greater level of accuracy in radiotherapy treatment of tumors. One of the main problems in treatment of this kind is that, in the attempt to remove growths, healthy tissue is invariably damaged in the process as well. The more focused the radiotherapy is on the growth itself, the greater the likelihood will be of avoiding damage to healthy tissue, and ensuring patients enjoy a reasonable quality of life after they recover.

Agate also recently invested $3 million in Tulip Medical Ltd., which is developing a intragastric implant for curbing appetite and treating obesity.

Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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