Israeli urology medical device company Vessi Medical today announced the completion of a $16.5 million Series A financing round for its cryotherapy technology to treat non muscle invasive bladder cancer (NMIBC). The leading investors in the round are an undisclosed global strategic investor, ALIVE- Israel HealthTech Fund, Agriline, a trust of which UK investor Vincent Tchenguiz is a discretionary beneficiary, have joined founding investor The Trendlines Group.
Vessi’s minimally invasive solution for NMIBC provides a new therapeutic alternative to transurethral resection of bladder tumor (TURBT), the costly leading invasive surgical first-line therapy. NMIBC is defined as a cancer on the surface of the inner lining of the bladder. The company’s bladder-specific proprietary cryotherapy has the potential for significantly improving quality of life and the technology has been successfully used in a first in human study.
Vessi Medical founder & CEO Eyal Kochavi said,, “The participation of a global strategic investor in this round is a huge show of confidence in Vessi’s achievements and potential. The financing led by ALIVE will support expanding Vessi’s R&D capabilities, clinical studies in Israel and the US, and regulatory clearance, enabling us to achieve our goal of bringing Vessi’s treatment for NMIBC to patients and physicians to reduce side effects, improve patient outcomes, and lower health care costs.”
Vincent Tchenguiz, owner of Consensus Business Group and Agriline discretionary beneficiary said, “Positioned at the vanguard of technological advancement, Vessi Medical’s cutting-edge cryotherapy for NMIBC heralds a transformative shift in both cancer care and health economics. Our investment is a testament to our confidence in Vessi’s revolutionary potential to not only enhance patient outcomes but also to redefine care standards, alleviate suffering, and spearhead the development of more compassionate and efficacious treatment modalities.”
Published by Globes, Israel business news – en.globes.co.il – on February 14, 2024.
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