Israeli gastro-intestinal endoscopy developer SMART Medical Systems Ltd. announced today that it has raised $8 million in series B financing led by Signet Healthcare Partners. As part of the investment, Todd Sone and Ashley Friedman from Signet will join SMART's Board of Directors.
The Ra'anana based company's funds will be used primarily to commercialize its G-EYE system, which is clinically evidenced to enhance polyp detection during cancer-prevention colonoscopy procedures. G-EYE is a novel add-on balloon device that works with standard endoscopes to assist visualization of the colon when screening for adenomas (pre-cancerous polyps). Adenomas are often missed during colonoscopy, which may lead to interval cancers - colon cancers that develop in the intervals between routine screening colonoscopies. Quality guidelines issued by the leading medical societies are citing adenoma detection rate as the key quality criterion for screening colonoscopy. As demonstrated in clinical studies, the use of the G-EYE balloon in routine colonoscopy results in substantial increases in adenoma detection rates and corresponding meaningful reductions in colonoscopy miss-rates.
SMART CEO Gadi Terliuc said, "The newly-formed partnership with Signet provides us with the resources for executing the company's commercial plan, and making the G-EYE a widely available, standard colonoscopy solution. We believe the G-EYE is perfectly suited to support physicians in their clinical efforts of diminishing interval colon cancers."
SMART plans on investing resources to expand commercial activity with its partners in both existing markets and by expanding into other selected geographies, where the G-EYE is approved for marketing. Investment proceeds will also be directed to obtaining FDA clearance for the G-EYE product and building US commercial operations to support future US product launch.
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2018
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