YOKNEAM, Israel, July 17, 2017 /PRNewswire/ --
- Funding was led by BRM group and Shanghai-Israel Investment Fund
Rapid Medical, a company focused on the development of neurovascular interventional devices, announced today that it has completed a Series B financing of $9M to advance the commercialization of the company's minimally invasive stroke treatment and prevention products, the TIGERTRIEVER Revascularization Device, and the COMANECI, Adjustable Remodeling Mesh. To date, thousands of patients have benefited from the TIGERTRIEVER and the COMANECI in life-saving neurovascular procedures. The round was led by BRM group from Israel and Shanghai-Israel Investment Fund from China with participation from Winnovation and Gefen Capital.
The funding will support regulatory clearance in the US as well as continuing to advance the European commercialization of both devices. Specifically, the funding will support initiation of Rapid Medical's clinical trial, TIGER, which will begin enrolling patients next year at selected centers in the United States, Europe and Israel.
The TIGERTRIEVER is the only controllable, fully-visible "stentriever" that can be adjusted by the physician to perfectly fit the dimensions of blocked blood vessels that cause acute ischemic stroke. The COMANECI is the first-ever controllable, fully-visible aneurysm neck-bridging mesh device that does not require parent vessel occlusion. It is intended to provide temporary assistance for embolization of intracranial aneurysms.
"Stroke is the last frontier in vascular medicine," said Alon Maor, partner, BRM. "We have been searching for some time for a company with products that could potentially provide patients with dramatically improved outcomes. Rapid Medical's TIGERTRIEVER and COMANECI devices which are based on a profound underlining technology and the excellent feedback we received from the market convinced us that the company is poised to become a leader in the neurovascular field. In addition, we were highly impressed with the team and with their commercial achievements in this rapidly growing market."
Dr. Shimon Eckhouse Rapid's co-founder and chairman of the board commented: "This significant financing round by leading global VC's is an important milestone in the life of Rapid Medical giving the company the financial strength needed to exploit the huge opportunity in the stroke treatment market. The global basis of our investors adds to the strength of the company and will enable us to expand our presence in this exciting market."
As part of the financing round Alon Maor, Dr. Qu Liefeng and Barak Ben Eliezer will join Rapid Medical's board of directors.
Rapid Medical plans to initiate the TIGER study in leading centers in US, Europe and Israel during H1 2018.
About Rapid Medical
Rapid Medical is developing game-changing devices for endovascular treatments. Rapid Medical is the maker of TIGERTRIEVER, the first-ever controllable, fully visible stentriever that is designed to treat ischemic stroke patients. And the COMANECI, the first-ever controllable aneurysm neck-bridging device. TIGERTRIEVER and COMANECI are CE marked for use in Europe. More information is available at http://www.rapid-medical.com
SOURCE Rapid Medical