Teva VP Ika Abravanel resigns
Ornim and GE Healthcare will also examine a possible strategic relationship as part of a broader collaboration.
Ornim Inc. has raised $20 million in its second financing round from General Electric's (NYSE: GE) healthymagination Fund and OrbiMed Advisors LLC through OrbiMed Israel Partners LP. Agate Medical Investments LP also participated in the financing round. Ornim and GE Healthcare will also examine a possible strategic relationship as part of a broader collaboration.
Ornim will use the proceeds for further development, clinical studies, international marketing, and commercialization of its CerOx monitor.
Ornim's CerOx device is a non-invasive monitor, which uses near-infrared spectroscopy and ultrasound to measure blood flow and oxygen saturation in brain and muscle tissue. The device has US Food and Drug Administration (FDA) and EU CE Mark clearance, and the company plans to launch sales within 18 months.
Maintaining adequate blood flow and oxygenation are primary clinical goals for critical care patients. Currently, multiple, often invasive devices are needed for full blood flow measurement. There is a strong clinical for a non-invasive and cost-effective accurate, multi-parameter, continuous monitoring of blood flow and oxygenation.
Ornim CTO Dr. Michal Balberg and VP R&D Dr. Revital Shechter founded the company in 2004. It has raised $30 million to date and the company is based in Lod.
OrbiMed senior managing director Dr. Nissim Darvish said, "The decision to invest in Ornim was based on the growing realization that there is a crucial need to monitor vital organs (such as the brain) during a variety of medical procedures. The uniqueness of Ornim's technology results from its ability to monitor in real time oxygen saturation in brain tissue, along with microcirculation blood flow. The potential market of this technology is very large, and the current solutions are not adequate. This potential, along with a very professional and experienced team, could allow the company to become a world leader in its field."
In a separate development, Ornim appointed Israel Schreiber as CEO. He previously served as the CEO of ITGI Medical Ltd. (TASE:ITGI) and Itamar Medical Ltd. (TASE:ITMR). He said, "The investment announced today will enable Ornim to accelerate product development and promote the introduction of the CerOx monitor to the international market. The relationship with GE, a world leader in patient monitoring, alongside OrbiMed, one of the largest healthcare venture capital fund managers, provides important benefits, including an in-depth understanding of the market as well as vast operational and marketing experience."
Ornim is OrbiMed Israel's third investment in a medical devices company since it was established: $7 million in RDD Pharma Ltd. and $4.3 million in Otic Pharma Ltd. Darvish says that the fund will make a large investment soon in a pharmaceutical company.
GE Healthcare most recent strategic cooperation agreements with Israeli companies include WideMed Ltd. (TASE:WDMD) and Deep Breeze Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
You comment was recieved and soon will be published.
Load more comments
Abravanel's is the first senior departure from Teva since Erez Vigodman became CEO.
FDA approves Pluristem cell production facility
Pluristem's Haifa plant can produce 150,000 doses of PLX cells annually.
Desheh: Splitting Teva will not create value
Teva CFO Eyal Desheh says Teva's tight integration means that a split makes no sense.
InsuLine expanding in Europe
24Care will distribute the company's InsuPad product in the Netherlands and Belgium.
Teva launches generic breast cancer, osteoporosis drug
Teva has 180 days of marketing exclusivity for generic Evista, which had 2013 US sales of $824 million.
BiolineRX raising $21m in Nasdaq secondary offering
The company will use the proceeds to develop leukemia and celiac disease drugs.
MediWound sets terms for $92m Nasdaq IPO
The burns and wounds treatment developer's offering is at a value of $350-370 million.
Opko losses triple
CEO Phillip Frost: From an R&D perspective, all our programs are progressing.
D-Pharm doubles on good interim stroke study results
The Phase IIa trial interim results found the company's drug was safe for cerebral strokes.
Perrigo selling OTC drugs through Amazon
Perrigo: It is also a platform for obtaining good information about consumer behavior.
Teva launches bipolar, schizophrenia treatment
Adasuve is the first orally inhaled medicine for the acute treatment of agitation in schizophrenia and bipolar I disorder.
Perrigo acquires Aspen Global products for $51m
Perrigo bought value-brand OTC products sold in Australia and New Zealand.
Galmed updates $30m Nasdaq IPO prospectus
The liver disease drug developer will issue shares at a company value of $132 million.
Enzymotec shareholders raise $131m in offer to sell
Kibbutz Ma'anit's Galam reportedly sold shares for $46 million.
Compugen raises $63m, Magic $51m
The two companies held secondary offerings on Nasdaq on the basis of shelf prospectuses.
If Rose Fostanes played basketball
Reforms in regulations for foreign caregivers are welcome, but don't go far enough.
Private treatment kills public healthcare
If the German Committee validates private healthcare, it will be the last nail in public healthcare's coffin, argues Prof Dani Filc.
Reducing the number of polyps that colonoscopies miss
EndoChoice's Israel development center has devised an endoscope with a 330-degree arc.
Neopharm moves into orphan drugs
The company, better known for marketing others' products, has been quietly building up its innovative capacity, as VP Tal Fuhrer relates..
Merck Serono Israel incubator nurtures early stage projects
Merck Germany head of pharmaceuticals Dr. Stefan Oschmann says R&D is enjoying a renaissance at big pharma companies.
Israeli biomed cos bring in US CEOs
"Globes" speaks to 3 US CEOs appointed to boost marketing at TASE traded medical device companies.
Alcobra has had two successful Nasdaq offerings this year as it develops an ADHD treatment with fewer side effects.
Restructuring can help Teva's Copaxone woes
Avishai Ovadia argues that Teva can offset falling Copaxone sales by reducing overall company costs.
Enabling diabetes patients to sleep soundly
Excess insulin levels can be fatal when they occur at night. NightSense aims to remove the fear.