3D spherical IUD developer Ocon Medical Ltd. has raised NIS 6 million in a financing round led by Pontifax and Docor International Management Ltd., which has financed the company since it was founded. Pontifax managing partner Ran Nussbaum was appointed chairman of Ocon, following the investment.
Ocon was founded in 2011 by gynecologist Dr. Ilan Baram at Docor's Van Leer Ventures Jerusalem Ltd. incubator. The company has developed the IUB (Intra Uterine Ball), an IUD that uses a shape memory alloy which is extensive used for various medical devices, such as coronary artery stents. The IUB is inserted into the uterus, where it changes shape from a thin wire into a sphere that attaches to the uterine wall. When the IUB is removed, it returns to its wire shape.
Current IUDs are T-shaped, and can be painful when inserted and removed, and are liable to damage the uterus. IUD with other shapes have the same problems.
"The IUD is the most common contraceptive in the world," Ocon Medical CEO Ariel Weinstein told "Globes". "Israel is an exception, with only 15% of women using them, even though the IUD is most efficient contraceptive on the market, and requires no special behavior by women. It is also the cheapest contraceptive on the market, costing NIS 250-850 in Israel, depending on the type."
The IUB has already been inserted in 15 women, who report satisfaction from the device. The company expects to obtain EU CE Mark for the IUB this summer.
Ocon Medical said, "There has been great interest in the IUB, resulting in talks with several potential strategic partners."
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2013
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