Pi-Cardia Ltd., a Rehovot, Israel-based medical device startup developing a novel low profile catheter for the treatment of aortic stenosis, completed a $10m financing round.
Backers included Italian funds Innogest and Fondo Atlante Ventures, Chinese fund VI-Ventures and existing investors Clal Biotechnology Industries and Anatomy Medical Technologies Fund.
The company intends to use the funds to complete the development of a second generation device, and to continue the clinical studies for showing its safety and performance, towards CE-Mark.
Founded in 2009 by Erez Golan, CEO, Pi-Cardia developed the Leaflex™ Catheter System – a novel non-implant based technology for treating patients with aortic valve stenosis. The Leaflex™ is a low-profile trans-femoral catheter incorporating unique Nitinol elements, which are optimized for delivering mechanical energy to create substantial fractures in valve calcification.
In 2015, the company completed enrolling the first set of patients in its FIM study in Europe, demonstrating safety and feasibility of the procedure.