Caps Medical, a Netanya, Israel-based developer of a highly selective and minimally invasive non-thermal plasma device for cancer treatment, completed a $3.5m Series A financing round.
The round was led by Chasing Value Asset Management and the Los Angeles-based Israel Investment Fund Group (IIFG). Other investors that participated in the round include the Technion Research and Development Foundation and XACT Robotics, a portfolio company of MEDX Ventures Group, who will also add strategic capabilities to enhance the company’s solid tumor treatments portfolio capabilities.
The funding will enable CAPS Medical to perform its first clinical trial and assist the company in further developing its portfolio for treatments of solid tumors.
Founded in 2018 by MEDX Xelerator, an Israeli Innovation Authority incubator, Caps Medical expects that the results of these studies will contribute to achieving regulatory clearance in the U.S. market. Harel Gadot, Company Group Chairman of MEDX Ventures Group, and Executive Chairman of XACT Robotics, will serve as the Executive Chairman of CAPS Medical’s board of directors.
Since its inception, the company has been supported by MEDX Xelerator, with Boston Scientific and MEDX Ventures Group, partners in the incubator, being the major shareholders in it.
Originally developed in The Technion – Israel Institute of Technology’s Plasma Lab in collaboration with Rambam Health Care Campus, the technology was translated into a product by CAPS Medical team, led by Ilan Uchitel at the MEDX Xelerator.
The platform is designed to treat solid tumors through minimally invasive procedures, attacking cancer cells without damaging surrounding healthy tissue. The application of non-thermal plasma directly targets and kills cancer cells and subsequently triggers an immune response that enables the body to target additional tumor-specific cells in the body in a cascade effect.