MitrAssist Completes Raise of $1 Million

TEL AVIV, Israel, July 1, 2013 /PRNewswire/ --

MitrAssist, a portfolio company of The Trendlines Group's Misgav Venture Accelerator, recently completed a raise of $1 million from angel investors and a multinational private strategic investor. The company set out to raise $600,000 in April this year and, due to overwhelming response, substantially exceeded their raise target.

MitrAssist has developed a minimally invasive approach to treating Mitral Regurgitation (MR), a disorder of the heart in which the mitral valve does not close properly when the heart pumps out blood. Annually, 250,000 people in the United States are diagnosed with MR. MitrAssist's proprietary implant is placed on top of the heart's own mitral valve and works in unison with it to enhance the valve's functionality.

This "valve-in-valve" approach brings an improved, safe, cost-effective treatment solution for all MR patients, especially patients who are unsuitable for open-heart surgery, the only current solution.  The company's novel system offers a number of significant advantages:  it preserves the natural mitral valve functionality, has minimal effect on heart physiology, conforms to any anatomical shape, and is designed for long-lasting results. It is also easy to implant and dramatically decreases the length of the procedure and patients' recovery time. The company has a patent pending.

The funds raised will be used to complete transapical chronic studies on animals, MitrAssist's next milestone.

Gil Naor, CEO of MitrAssist, says "We give hope to people who currently don't have the opportunity of undergoing surgery because it's too dangerous due to either their medical condition or age."

"Not only is MitrAssist a company that has both the potential to make a real change in the lives of MR patients and has tremendous business potential, but is also a great example of The Trendlines Group's mission to create companies that improve the human condition," stated Eran Feldhay, CEO, Misgav Venture Accelerator.

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Efrat Kaduri
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SOURCE Trendlines group