KFAR SABA, Israel, August 3, 2016 /PRNewswire/ --
Ornim Inc. ("Ornim" or "the Company"), an emerging, commercial-stage medical technology company specializing in clinical research, development, and distribution in the field of tissue and cerebral blood flow and perfusion, has closed on an initial raise of $20 million in a Series C financing. The financing was led by LongTec HongTao China Ventures LP ("LongTec"), one of the most professional VC Funds in China focused on medtech investments. In addition, existing investors OrbiMed, GE Ventures, and other existing investors participated in the financing.
"We are thankful and excited to be supported by a world-class syndicate of new and existing life science investors. This financing strongly positions Ornim to capitalize on the significant market opportunity in front of us. Furthermore, LongTec's extensive expertise in developing and commercializing medical technologies in China and throughout Asia will greatly accelerate our current efforts in expanding our global market opportunity. In parallel as we continue to build our commercial presence in the U.S., we are currently in process of obtaining China Food and Drug Administration clearance for our c-FLOW™ platform and upon achieving clearance, expect to commence commercialization in China in the second half of 2017, which represents a significant opportunity for us," said Israel Schreiber, president and CEO of Ornim.
Ornim's FDA cleared lead product, the c-FLOW™ non-invasive patient monitoring system, provides real-time, blood flow or perfusion measurement to the brain and other vital tissue in the body. Based on Ornim's breakthrough proprietary UTLight™ technology combining near-infrared light with ultrasound pulses, the c-FLOW™ monitor is the first and only FDA-cleared direct, non-invasive, real-time bedside monitor clinically validated to accurately measure cerebral (and muscle tissue) blood flow changes. In particular, assessment of cerebral blood flow (CBF) is an important clinically validated measurement in any surgical procedure requiring general anesthesia and in the treatment and monitoring of patients in other critical care situations with a high risk of CBF fluctuations, such as stroke, shock, sepsis, cerebral edema, and traumatic brain injury. Use of the c-FLOW™ system to monitor CBF can facilitate early intervention planning during the timeframe in which neurological injury can be prevented or minimized, resulting in better patient outcomes and substantially lowering healthcare costs. Since commercially launching in 2015, Ornim has seen rapid uptake into the market with a growing installed base in leading medical institutions in the U.S. and growing.
Utilizing approximately 25% of the body's total oxygen consumption, the brain is the organ least tolerant of either insufficient or excessive perfusion variations (i.e. hyperperfusion, or hypoperfusion). For instance without sufficient perfusion to deliver vital nutrients such as glucose and remove CO2 and other waste products, brain damage may occur within minutes, which can result in paralysis, lead to acute kidney disorder, short and long-term cognitive deficits, other disabilities or even death. As the only product on the market of this class and functionality, the c-FLOW™ has been adopted by leading physicians and hospitals in the U.S., who have recognized the importance of continuous monitoring of CFB in ensuring protection of a patient's brain while in the hospital. Previous to the introduction of the c-FLOW™, clinicians had to rely on unreliable surrogate measurements including oximetry or blood pressure, as proxies for bloodflow. The c-FLOW™ system allows for a direct signal ensuring clinicians have an objective measurement in which to rely on. As part of a platform technology based on the UTLight™, the c-FLOW™ is the first of many products Ornim will bring to market in the near future.
Terms of the transaction anticipate an additional investment amount of up to $10 million.
JMP Securities LLC served as exclusive placement agent and Naschitz, Brandes, Amir & Co. served as legal counsel for Ornim in the financing.
About Ornim, Inc.
Ornim, Inc. specializes in clinical research, development, and distribution of the highest quality medical devices in the field of tissue and cerebral blood flow and perfusion. Its leading product, the c-FLOW™, is a bedside patient monitor based on the patented UTLight™ technology that provides physicians with unique monitoring solutions, revolutionizing individualized and personalized patient care.
The Company is headquartered in Kfar Saba, Israel, where it's Research and Development facilities are centered. Ornim has also established a presence in the U.S., with a Sales & Marketing office in Foxboro, MA (U.S.). For more information regarding Ornim, please visit us at http://www.ornim.com.
Gary J. Sagiv
Vice President, Global Marketing & Sales
Toll-free: +1-(866)-811-6384 ext 242
SOURCE Ornim Inc.