Also participating in this fundraising round were the existing investors: Pitango Fund, Robert Taub, Glenrock Investment Company and the Zitelman Group
The start-up company LifeBond, which develops a product line in the field of biosurgery, raised 20 million dollars in a third round of capital raising. The round was led by the Giza Venture Capital Fund and the Morris Kahn Venture Capital Fund, Orum. Also participating in this fundraising round were the existing investors: Pitango venture capital fund, Robert Taub, founder and former CEO of Omrix, the company's first investors Glenrock Israel - Leon Recanati's investment company, and the American Zittleman Group. Following this fundraising round, they will join the company's board of directors Dr. Yuval Avni and Dr. Dan Galvan.
Leipbond develops a surgical adhesive designed to prevent leaks and products to stop bleeding. The capital raised will be used to complete the pre-clinical and clinical phase of the first product developed by the company: LifeSeal GITM, a biological sealing adhesive that creates a mechanical barrier that prevents intestinal contents from leaking into the abdominal cavity. Post-operative leaks in the connection areas between the two parts of the intestine are currently a major risk factor after surgery, potentially life-threatening and requiring expensive additional surgeries. In certain procedures, the frequency of leaks reaches about 20% of all surgeries.
Lifebond estimates that the marketing of the LifeSeal GITM product will begin at the end of 2012, after receiving the regulatory approvals. In addition, the company will continue developing its products to stop severe bleeding, LifePatchTM, based on the same technological platform.
The CEO of Leipbond, Yishai Ether, says: "The fact that we were able to raise significant capital in the economic environment in which we find ourselves is evidence of the potential that lies in Leipbond's technology. Surgical teams are constantly looking for innovative, easy-to-use products with improved performance that are effective in blocking leaks from the surgical staple line and capable of stopping heavy bleeding. We expect the current funding to help us get our first products to market as soon as possible. As soon as they are approved for use, our products will be an indispensable part of the set of tools available to the surgeon and will significantly improve medical treatment."
Yuval Avni, a partner in Giza who joins the company's board of directors added:
"We are happy to team up with Leipbond's management, staff and investors. We have been following Leipbond since its inception and were very impressed by the vision of its founders and its business performance. We believe that there is a huge market potential for the first product, as well as the technological base. As a surgeon who is aware of the need for surgical adhesives, I had no doubt Regarding Leipbond, especially after trying the product myself and witnessing its excellent performance, it was clear to me that we wanted invest and be involved in society.
Itai Harel, partner in Pitango, co-chairman of Leipbond added:
Leipbond has made significant progress over the past two years on a number of fronts. The founders of Leipbond, Yishai Ether and Oren Price-Bloom, expanded the management team and led the company towards significant achievements in product development, the production process and clinical trials, achievements which certainly prove the potential inherent in the company's products and technology. We are satisfied with the company's progress and believe in its potential. We welcome Giza and Orum to the company, and look forward to working together as the company advances to the clinical and commercial phase.
About Lifebond:
Leipbond develops a line of biosurgery products for sealing and preventing leaks in surgery and stopping bleeding. The company was established in January 2007 by Yishai Atar (CEO), former VP of Hamma Mashgav, and Oren Price-Bloom (VP of Operations) who prior to founding the company was involved in biomaterials research at Columbia University (New York) and Nir Maksif. In the first round of The company, which amounted to about 1.5 million dollars and was led by the investment company Glenrock, participated in the Trendlines Israel Fund and the group The American Zitelman.
In 2009, the company raised $8.5 million in a second round led by Pitango and Robert Taub. The company is located in the business park in Caesarea.
More about Lifebond: www.life-bond.com
