Israeli Medical Device Startup, Cardiac Success Ltd., Closes US $5.2M Series A Financing
The round was led by 415 CAPITAL, a specialist medical technology venture capital firm who was joined by an unnamed strategic investor and global leader in structural heart interventions. Proceeds will be used for pre-clinical testing and the completion of a First-in-Human trial of the company's innovative "V-sling" heart failure therapy.
YOKNEAM, Israel, June 23, 2021 /PRNewswire-PRWeb/ -- Cardiac Success Ltd., an Israel-based medical device company developing a transcatheter ventricular repair device for heart failure patients, today announced the successful closing of a US $5.2 million Series A financing round led by 415 CAPITAL, a specialist VC firm that primarily backs innovative medical technology companies in the cardio-and neurovascular space. The round was joined by an unnamed global strategic leader in structural heart interventions and a group of Israeli angel investors.
Despite guidance-directed medical therapy, heart failure continues to be a serious and common health condition that affects millions of patients and carries high rates of rehospitalizations and deaths. Founded in 2017 in the Alon Medtech Ventures' incubator, Cardiac Success Ltd. has developed the "V-sling" system, which aims to provide a new treatment approach by transforming an invasive open-heart surgery into a safe and effective minimally-invasive transcatheter procedure. Using the "V-sling" may significantly improve patients' quality of life while reducing hospitalization time and costs.
The "V-sling" system is a safe anchorless implant to treat left ventricular dysfunction, where the left ventricle is not able to pump enough blood out of the heart leading to reduced ejection fraction and low cardiac output. The "V-sling" treats the problem directly at its source by repositioning the papillary muscles and restoring the conical shape of the left ventricle for improved cardiac function.
The functionality of the implant and delivery system has been demonstrated in pre-clinical studies. Cardiac Success has 4 granted United States (U.S.) patents, as well as additional patents pending in the U.S., Europe and other countries, protecting methods of treatment and the implant design.
Boaz Manash, CEO of Cardiac Success, said, "There are millions of patients who, despite guidance-directed medical therapy, continue to suffer and deteriorate from Heart Failure with Reduced Ejection Fraction (HFrEF)." Mr. Manash added, "This new funding from experienced investors and strategic partners in the cardiac field, shows their confidence in the "V-sling" system and will enable us to accelerate our clinical development to provide a treatment option for these heart failure patients."
Cardiac Success Board chairman and Alon Medtech founder, Shimon Eckhouse, added: "Cardiac Success started in our Alon-Medtech Ventures group a few years ago with a high-risk concept based on out-of-the-box thinking of its founders. The first few years of the company's life were dedicated to significant risk reduction and turning the dream of its founders into a new transcatheter procedure that has the potential of revolutionizing the way heart failure is treated. We are proud and happy to have this top-notch group of new partners in the company."
About Cardiac Success
Headquartered in Yokneam, Israel, Cardiac Success was founded in 2017 in the Alon Medtech Ventures' incubator by the serial entrepreneur Dr. Shimon Eckhouse and Dr. David Neustadter (Chief Technology Officer). The company's management team includes Mr. Boaz Manash (CEO), an experienced R&D leader previously responsible for the Sapien M3 mitral valve program at Edwards Lifesciences (NYSE: EW) and Prof. Rafael Beyar (Chief Medical Officer), an internationally-recognized cardiologist and former director of Rambam Medical Center. For more information, see https://www.cardiacsuccess.com/
About 415 CAPITAL
415 CAPITAL is a specialist venture capital firm that was formed by MedTech entrepreneurs and investors who share a 28-year history of funding and commercializing groundbreaking medical technologies. The team has invested in over 45 medical technology startups over the years, realizing over 25 exits to-date including Intact Vascular (sold to Philips in 2020), ReBound Therapeutics (sold to Integra LifeSciences in 2019), Claret Medical (sold to Boston Scientific in 2018), ReCor Medical (sold to Otsuka Holdings in 2018), ImThera Medical (sold to LivaNova in 2018), CardiAQ Valve Technologies (sold to Edwards Lifesciences in 2015), and CoreValve (sold to Medtronic in 2009). For more information, see https://415capital.com/
Media Contact
Viki Gronau, Joya Marketing, +972 542587278, [email protected]
Boaz Manash, Cardiac Success, +972544410047, [email protected]
SOURCE Cardiac Success
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