Israeli bioelectronic implantable device for the treatment of degenerative disc disease (DDD) company Discure Technologies has announced that the Company has secured $11 million in an oversubscribed Series A financing round, following a SAFE (Simple Agreement for Future Equity) raise of $5 million. The Series A round was led by BOLD Capital Partners, Supernova Invest and Sanara Capital, with participation from multiple US hospital networks, leading orthopedic surgeons, veteran med-tech industry investors, and existing investors.
Discure Technologies CEO Yuval Mandelbaum said, "The SAFE allowed us to complete development of the Discure System, as well as successfully complete our comprehensive pre-clinical program, adding studies in large animals and human cadaveric discs, thereby setting the stage for this successful Series A round. This latest investment will accelerate our growth, allowing us to make key hires and fully fund our First-in-Human clinical study in Canada and Italy. The investment validates the company's novel, minimally invasive approach to reverse disc degeneration, shifting the paradigm from symptom management to addressing the problem by regenerating the disc."
Neal Bhadkamkar of BOLD Capital Partners in California said, "We focus on companies using cutting edge technology to solve problems that impact people’s lives. DDD and its accompanying back pain are a natural result of aging. It is bad for the person suffering from it and it is bad for the economy in terms of lost workdays. Discure is the first company we have seen with an approach that has the potential to not only alleviate the pain but also reverse the underlying disc damage causing the pain. Just as important, we were impressed by the expertise, focus and dedication of the Discure team and are honored to back them in this journey."
"Discure is the only medical device company that has demonstrated a clear focus on addressing the underlying cause of DDD. We firmly believe that the technology's capacity to treat patients at an earlier stage, thereby avoiding the necessity for aggressive surgical procedures, will make a tangible impact. We are delighted to be joining the existing shareholders in supporting this excellent company and team" added Pascal-André Chenal, Investment Director at Supernova Invest, France.
Published by Globes, Israel business news - en.globes.co.il - on September 11, 2024.
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