TEL AVIV, Israel, March 7, 2017 /PRNewswire/ --
Received investment from Chinese HighGround Capital Fund
RadiAction Medical, the developer of an innovative radiation shielding device for fluoroscopic systems in interventional suites, announced it has completed a fund raise of $5.7 million in a strategic A round led by HighGround Tairun Investment LLPs, an investment fund co-managed by HighGround Capital and Boya Capital from China.
The technology was invented by serial entrepreneur Dr. Amir Belson, M.D. and developed by RadiAction, which was founded in 2014 by Dr. Belson and Jonathan Yifat in the RAD Biomed incubator in Israel. The technology involves a device that transfers the radiation shielding from the personnel to the fluoroscopy system itself, while seamlessly integrating with the physician's work flow and featuring zero-impact on the X-ray image quality.
Dr. Belson has founded over 10 medical technology companies, including, among others, NeoGuide, which was acquired by Intiuitive Surgical in 2009, Vascular Pathways, which was acquired by C.R Bard, Inc. in 2015. Zipline Medical, Emboline,Qool Therapeutics, and Modular Surgical.
Jonathan Yifat, CEO of RadiAction: "Our breakthrough solution will allow medical teams performing image guided interventional procedures to increase the number of procedures performed annually, as well as to extend their stay in the catheterization lab, work more efficiency and comfortably and significantly reduce the risks involved in exposure to X-ray radiation. We are excited to start working with our new investors to bring our unique technology to the global market."
With the rate of minimally-invasive image-guided procedures increasing across the globe, interventional suite personnel face a significant increased risk for brain tumors, cataracts, cognitive damages and different types of cancer due to the high radiation exposure, while their heavy protective gear, which essentially has not changed for decades, is a cause for serious orthopedic injuries and loss of work days.
Trials using a non-commercial prototype have shown that RadiAction's technology has the potential to reduce scattered radiation levels in the catheterization room by 97% or higher, with no need for personal shielding garments.
RadiAction's technology is protected by several patents in the USA and globally. The company intends to use the proceeds of the current round for accelerating the R&D activity, complete required tests, obtaining regulatory clearances and to get to market with a commercial product.
Mr. Zhu Jianping, a partner at HighGround Capital and a director at Radiaction: "We are very happy to be part of RadiAction and we strongly believe that their breakthrough technology will become the standard for radiation protection in the interventional rooms."
SOURCE RadiAction Medical