HAIFA, Israel, Nov. 3, 2020 /PRNewswire/ -- Nurami Medical, a medical device R&D company, which is developing a groundbreaking technology that facilitates post-surgical healing of soft tissue healing, has announced that it has completed a fundraising round of up to $6 million.
The financing will be used to fund completion of the ongoing clinical trial for Nurami's first product, ArtiFascia, intended for healing and repair of the dura following cranial neurosurgery, and to fund regulatory approval processes from the FDA and the CE. The clinical trial will test ArtiFascia in 90 patients, of which 13 have already been implanted with the ArtiFascia graft.
ArtiFascia is a patented, synthetic dural graft that protects the brain after neurosurgeries by boosting dura regeneration, while preventing cerebral-spinal fluid (CSF) leakage, to protect both the brain itself and central nervous system.
Nurami Medical's technology is based on biodegradable, synthetic nanofibers with sealing properties for soft tissue healing. The company is actively developing additional products for healing and regeneration of soft tissues, which represents a $20 billion market.
"Our first product, ArtiFascia, offers clear clinical and economic benefits to the 600,000 neurosurgeries performed annually, representing a $1 billion market with an annual growth rate of 6%. Nurami thanks its new investors for the trust that they have put in our company, and will use the investment funds to complete the clinical trial, to fund additional R&D and to support business development efforts," says Hannoch Marksheid, Nurami's Co-CEO.
Remarking on the ongoing clinical trials, Dr. Amir Bahar, one of Nurami's founders, a multidisciplinary entrepreneur and Nurami's Clinical Director and Operations Manager states, "ArtiFascia's clinical trial is being carried out at a number of European medial centers. This is a controlled, blind study, and as of yet, no adverse reactions have been documented."
Nora Nseir Manassa, founder, Co-CEO and CTO at Nurami adds, "Nurami is involved in ongoing efforts for the development of additional solutions for soft tissue repair and healing, for additional clinical indications, based on our technological platform which incorporates novel materials and unique manufacturing processes."
Nurami Medical's active chairman of the board is Doron Birger, formerly CEO of Elron, and active chairman of a number of leading life science companies, including Given Imaging. The company has built a strong advisory board, which includes, amongst others, leading neurosurgeons from around the world.
The funding round was led by Almeda Ventures, a health-tech focused public R&D partnership, managed by Dr. Irit Yaniv, one of the fund's founding partners, together with additional founding partners, Amir Blatt and Tzachi Sultan. Leon Recanati's private equity investment company, Glenrock, has joined this round as well as additional investors.
Nurami Medical was established in 2014 by Dr. Amir Bahar, Nora Nseir Manassa and NGT3VC venture capital fund, which focuses on beginning stage life science companies, and is managed by Zohar Gendler and Nizar Mishael. Nurami Medical has previously raised $5 million from various investors and the Israel Innovation Authority.