Mindguard, an Israeli-based privately-held developer of stroke-prevention medical devices, has finalized a financing round with existing and new investors, in the amount of $15 million. The financing round included the following investors: Medtronic, Inc., Pitango Venture Capital, Tamir Fishman Ventures, Fantine Europe Fund, Ofer Brothers Hi-Tech, Eucalyptus Ventures, Gemini Venture Capital and The Fuller Foundation.
In addition to the above investment, Mindguard has also signed an agreement with Medtronic with respect to the distribution of Mindguard's first product, the Diverter system, in Europe and other CE-Mark jurisdictions.
David Gal, chairman of the board of directors at Mindguard, added: "The completion of this financing round and the distribution agreement with Medtronic are both important milestones in Mindguard's short history. We expect that our strong cash position, coupled with strategic partnerships with our investors and Medtronic, will assist in the commercialization of our products and realization of the company's innovative medical and technological vision."
MindGuard Ltd. is an Israeli company focused on developing and marketing a portfolio of catheter and implant technologies to treat and prevent stroke, and other cardiovascular and cerebrovascular diseases. Medtronic, Inc., headquartered in Minneapolis, is an international medical technology company, providing lifelong solutions for people with chronic disease. — (menareport.com)
© 2003 Mena Report (www.menareport.com )