Remon Medical Technologies, a privately held medical device company, today announced that it has completed the final closing of an oversubscribed Series C financing raising a total of $26 million.
New investors participating in the final close of this round include Triathlon Medical Ventures, Medica Venture Partners, and Guidant Corporation. Remon's other major investors include Concord Ventures, Polaris Venture Partners, Lilly Ventures, KBL Healthcare Ventures, and the Ofer Hi-Tech Group.
Upon this close of the financing, Triathlon Medical Ventures managing director Carrie Bates and Medica Venture Partners managing partner Batsheva Elran join Remon's board of directors.
Remon plans to use the funds to expand its presence in the U.S. and continue the development of its technologies and product portfolio, through its Israeli R&D subsidiary. The company wishes to commercialize its products through internal efforts and strategic collaborations with world-leading partners.
Remon CEO Hezi Himelfarb stated, "The capital raised in this round will allow us to advance the integration of our innovative intra-body communication technology inside therapeutic products."
Remon Medical's technology is integrated into minute implants, requiring no antenna, wires, or connecting leads, that allow a tiny device implanted deep inside the body to communicate wirelessly with other implanted devices and external systems.
Remon Medical continues its clinical trial of the Remon Impressure, a device that offers on-demand, non-invasive means to monitor intra-aneurysm pressures following endo-vascular graft procedures. The device was implanted and is being used successfully in 21 patients in the Mount Sinai Hospital in New York.
Remon Medical also develops the Remon HeartLook, a device for measurement of pulmonary artery pressure, which is the most important hemodynamic indicator in heart failure. A one-time, minimally invasive catheter-based procedure allows HeartLook unlimited, non-invasive home-based monitoring of a CHF patient's hemodynamic status.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, December 27, 2004