Israel’s medical device industry is the focus of millions of dollars of new investment — including recent ventures led by Johnson & Johnson Innovation.
Last week, V-Wave said it had raised $28 million to support further development of its unidirectional interatrial shunt to treat heart failure. Participants in the funding round included new investors JJDC, TriVentures, Pura Vida Investments and BioStar Ventures, as well as existing investors BRM Group, Pontifax and Edwards Lifesciences.
Also last week, CartiHeal said it had raised $15 million to support commercialization of its CE-marked cell-free, cartilage regeneration technology — an investment led by JJDC together with existing investors: Elron, Accelmed, Access Medical Ventures and Peregrine Ventures.
At least one other Israeli company announced completion of new financing so far this year. Pi-Cardia, which developed a catheter system to treat aortic valve stenosis, raised $10 million, including investments from Italian funds Innogest and Fondo Atlante Ventures, Chinese fund VI-Ventures and existing investors in the company, including Clal Biotechnology Industries and Anatomy Medical Technologies Fund.
Meanwhile, Teva Pharmaceutical Industries and Royal Philips are continuing to make progress on Sanara Ventures, which began in March 2015. Sanara operates as a technological incubator under a license granted by the Administration of the Technological Incubator Program at the Israeli Office of the Chief Scientist in the Ministry of Economy.
The companies have committed to invest up to roughly $25 million over eight years. Last July, Sanara announced the first two investments — in Kaleidoscope Medical and MGD, says Steve Klink, spokesman for Philips. Kaleidoscope is developing an X-ray radiation shielding system for use during catheterization procedures, while MGD is developing a portable device for measuring lung functions.
Recently, a third company was enrolled in the incubator program. Sanara plans to announce the name of the third company at a later stage, Klink tells IDDM. — Jonathon Shacat