Can-Fite Biopharma raises $5m
Motus GI was founded by Boris Shtul at the < New Generation Technology incubator in Nazareth.
Prep-less colonoscopy solutions developer Motus GI Medical Technologies Ltd. has raised $8 million from US life sciences venture capital funds. Beyond confirming the fundraising, the company declined to provide any further details, including the names of the investors.
Motus GI was founded by Boris Shtul at the New Generation Technology (NGT) incubator in Nazareth.
Motus GI is developing an improved CRC screening procedure for colonoscopies, by eliminating the need for home base colon preparation and improving the colon preparation quality. Persons over 50 are advised to undergo screening for colon cancer every two years, which suggests the size of the potential market.
Current screening techniques require the consumption of substances to induce diarrhea, a rather unpleasant procedure. Worse, the procedure fails to completely clear the colon in a quarter of patients. While the screening may still go ahead, the results are liable to be less reliable, with a higher proportion of false negatives for colon cancer.
Motus GI is developing a single-use device that will clip on to standard colonoscopes, integrating colon cleansing, screening and treatment into one procedure. The device creates turbulence within the colon using body temperature water jets and active evacuation module. The proprietary design enables the removal of the fecal matter and fluids from the colon wall by creating a spinning vortex. The colon’s content is completely evacuated via a closed system, preventing any fecal matter leakage out of the body.
It is hard to know whether patients will prefer this invasive technique over drinking the diarrhea inducing substance, but Motus GI's procedure will be conducted under anesthetic.
NGT CEO Nasri Said says that the investment in Motus GI is further proof of the incubator's ability to raise large amounts of capital for its projects from outside sources.
Six months ago, NGT portfolio company Metallo Therapy Ltd., which is developing radiotherapy and diagnostics for cancer, raised $4 million from Arkin Holdings Ltd., the private investment company of Mori Arkin.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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