AposTherapy Completes New Financing; Announces Global Expansion Initiatives

NEW YORK, Dec. 3, 2014 /PRNewswire/ -- AposTherapy announced that it has completed a new round of financing and is launching a global initiative to offer its technology and treatment through premier physical therapy centers and orthopedics practices. To date, the company has provided drug-free and surgery-free treatment to over 50,000 patients worldwide who suffer from osteoarthritis of the knee.

The company also announced an expanded Board of Directors, whose members include some of the most accomplished leaders in medicine, managed care, public health and healthcare consulting.

AposTherapy CEO Dr. David Levy, who joined the company in August, made the announcements. Dr. Levy is leading the initiative to transform AposTherapy from operators of company-owned and company-run clinics to providers of technology and training for established healthcare centers, "enabling us to operate more efficiently, grow more rapidly and to bring AposTherapy to so many more osteoarthritis patients seeking increased mobility and relief from pain."

The Board of Directors, representing both Series A and Series B investors, comprises:

• Dr. Avi Elbaz, an orthopedic surgeon and Dr. Amit Mor, M.D., AposTherapy founders.
• Dr. David Levy, former Principal and leader of the PriceWaterhouseCoopers (PwC) global healthcare practice, founder of Franklin Health Inc., one of the nation's first care management companies, and a primary care physician.
• Ruti Alon, General Partner of Pitango General Capital, an expert in high-tech medical and life sciences startups.
• Donald V. Almeida, former Vice Chairman of PwC Global, where he led its Global Markets and Industries program, including the healthcare, pharmaceutical, life sciences and government practices.
• Dr. Michael Stocker, former President and CEO of Empire Blue Cross Blue Shield of New York, former Chairman of the New York City Health and Hospitals Corporation and former president of CIGNA Health Plans.
• Rt Hon Alan Milburn, former Secretary of State for Health for the United Kingdom and Member of the U.K. Parliament from 1992-2010.

AposTherapy is a 10-year-old company, founded in Israel. Its therapy centers on a computerized analysis of a patient's gait, and prescription of a personalized, patent-protected shoe-like medical device that patients wear for a short time each day to bring the body into optimal alignment and retrain the muscles to adopt a healthier walking pattern for lasting pain relief and improved mobility. Many patients facing knee replacements have been able to postpone or, in some cases, avoid surgery by using AposTherapy.

Dr. Levy said, "As an adjunct to surgical procedures, AposTherapy is an important tool in the treatment of osteoarthritis. In addition to its therapeutic benefits, AposTherapy can reduce some of the financial burden on the health care system."

In the U.K. and Singapore, where the company runs its own clinics, it has also been executing its new strategy for the past two months. It has appointed leading physical therapy centers in London, Birmingham, Manchester, and Southampton, including Physio 1st, Premier Physical Healthcare, and former Olympics Physiotherapist Kim Waters' Therapeutics Southampton. In Singapore, it has appointed Core Concepts, that country's largest private physiotherapy group in that country.

In the U.S., where it has operated a clinic in Manhattan for the past year, AposTherapy has appointed its first providers -- in Manhattan, Long Island, Westchester and Putnam Counties. The first U.S. provider, One Physical Therapy in Syosset NY, reports that it has treated some 40 patients since August, with all of them reporting positive results to date. Dr. Levy said that the company plans to expand to additional markets here.

AposTherapy was founded in 2004 in Israel by Dr. Elbaz and Dr. Mor, the company's Chairman and Vice Chairman, respectively. The company operates three of its own centers in Israel. "Not a day passes," Dr. Levy said, "that I don't reflect on the genius of our founders, Avi and Amit, whose vision and persistence got us where we are, and on the amazing team they have assembled to help get us there. We are entering a new phase of growth and achievement, and I am truly grateful and excited to be part of this journey."

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SOURCE AposTherapy