“The joining of this group of investors, that also includes leading physicians and urologists from the US, is first and foremost a vote of confidence in the company and in the technology that we have developed,” Idan Geva, CEO Butterfly Medical
YOKNEAM, Israel (PRWEB) January 29, 2020
Butterfly Medical Ltd., an Israeli medical device startup and developer of a urological implant for a unique simple and safe treatment of BPH (Benign Prostatic Hyperplasia) symptoms, announced the completion of a $2M round of financing. The round was led by Paul Merage and Kamran Siminou (USA), Mori Arkin and Dan Suesskind (Israel), and several other private investors.
Butterfly’s implant is delivered to the prostatic urethra in a procedure taking several minutes that can be done at the physician’s clinic. The implant retracts the blocking tissue and restores urine flow. An enlarged prostate causing difficulties in urination is considered one of the most prevalent diseases in aging men. Unlike Butterfly’s non-surgical solution, current treatments include mainly drugs and surgical interventions, both carrying risks and side effects.
In a clinical trial currently underway at several medical centers in Israel, more than 30 patients have been treated so far. The trial shows good clinical outcomes and demonstrates the simplicity of the procedure and its safety, as well as its advantages over existing treatments. The implant delivery procedure is intuitive for every urologist and requires a very short training time. In addition, it is the only treatment that the urologist can perform with his own flexible cystoscope, enabling the procedure to be done in the clinic, under local anesthesia.
Dr. Shimon Eckhouse, Co-Founder and Chairman of the company said: “Butterfly is another great example of the original way of thinking and the level of execution of the founders we work with at Alon, as well as our ability to develop together innovative solutions for medical problems with huge market potentials. The investors joining the company are leaders in the medical field.”
Idan Geva, CEO of Butterfly Medical, said: “The joining of this group of investors, that also includes leading physicians and urologists from the US, is first and foremost a vote of confidence in the company and in the technology that we have developed.” Mr. Geva added: “The clinical trial that we are conducting proves that our treatment is simpler and safer compared to any existing treatment, and is the only one suitable for out-patient procedures under local anesthesia. The high level of interest in our treatment that we are seeing, especially from patients, shows how eager the market is for a non-surgical treatment to a medical condition affecting millions of men.”
Kamran Siminou, one of the lead investors of this round added: “The medical technology coming out of Israel recently is just amazing and Butterfly Medical is a great example. Butterfly Medical’s technology rides the wave of the trend of treating patients non-invasively in the doctor’s office at a lower cost, benefiting the patient and reducing the overall cost of healthcare.”
About Butterfly Medical:
Butterfly Medical was founded in late 2014, as part of the portfolio of Alon Med-Tech Ventures incubator, with the goal of developing a non-surgical treatment for men suffering from BPH symptoms. The company was founded by Dr. Adrian Paz and Mr. Yehuda Bachar, both are seasoned entrepreneurs in the medical device space. The technology developed by the company allows for the procedure to be transferred from the operating room to the clinic, eliminating the need for hospitalization and significantly shortening recovery time.
About Alon Med-Tech Ventures
Alon Med-Tech Ventures incubator started its activity in 2014, funded by the Israeli Innovation Authority and invests in ground-breaking technologies in the medical device and aesthetics spaces. The innovations and unique technologies offered by Alon’s portfolio companies brought several strategic partners and investments of over $30M in the past year.
Dr. Eckhouse started his professional career at Refael, and made his initial fortune as the founder of the medical and aesthetics laser company Lumenis (originally named ESC). After leaving Lumenis in 1999, Dr. Eckhouse founded Syneron, that developed medical treatments for the cosmetics industry. The company went public on NASDAQ in 2004 and was acquired by Apax in 2017 for $400M. He was also the first investor and Chairman of Ventor, that was acquired by Medtronic for over $300M.
In addition to investments in Alon’s portfolio companies, Dr. Eckhouse’s investment in more than 15 other medical technology companies, include: Rapid Medical that develops devices for the treatment of stroke, Epitomy that develops solutions for weight-loss, RealView that develops medical 3D imaging and Teranica that develops a digital health solution for pain management.