OrSense Ltd., which develops monitors for non-invasive measurements of key blood parameters, today announced the completion of an $18 million financing round led by Israel Healthcare Ventures(IHCV).
Participating in the fund raising round alongside IHCV were previous investors Star Ventures and Lewis Trust Private Equity division.
The funds raised will be used by OrSense to expand commercialization activities.
OrSense CEO Lior Ma'ayan said, "We believe that this additional investment will help us establish OrSense as the world leader in non-invasive monitoring of various blood parameters, promising a significant improvement to the quality of life of millions of people worldwide.”
In 2010, OrSense received FDA clearance for its non-invasive multi parameter monitor for oxygen saturation for use in hospitals and outpatient sites. OrSense has also received CE approval for the first non-invasive spot and continuous monitor of hemoglobin for anemia screening and hemorrhage detection applications.
According to OrSense, this has enabled the company to focus on the marketing and sales of non-invasive monitors of hemoglobin and oxygen saturation for which it has secured key clients and won tenders, while competing with current invasive and emerging non-invasive solutions.
OrSense customers include blood donation facilities, hospital departments, public screening program and outpatient facilities. The company's products are based on its proprietary optical technology, Occlusion Spectroscopy, which eliminates the need for needle-stick blood tests, and overcomes key obstacles of competing approaches. OrSense's devices have been tested on 8000 subjects, in over 40 clinical trials at more than 20 sites worldwide.
Ma'ayan added, “We are extremely pleased to successfully raise this new investment in OrSense which highlights the continuous support and confidence of our investors. Anemia is a key undiagnosed and untreated condition affecting around two billion people worldwide which may benefit from a painless, safe and easy to use screening solution."
OrSense chairman Dr. Shimon Eckhouse said, "We believe that this additional investment will help us establish OrSense as the world leader in non-invasive monitoring of various blood parameters, promising a significant improvement to the quality of life of millions of people worldwide."
Published by Globes, Israel business news - www.globes-online.com - on May 2, 2011
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