NETANYA, Israel, July 29, 2020 /PRNewswire/ -- CAPS Medical, developer of a highly selective and minimally invasive non-thermal plasma device for cancer treatment, today announced the completion of a $3.5 million Series A financing round. The round will enable CAPS Medical to perform its first clinical trial and assist the company in further developing its portfolio for treatments of solid tumors. The company, founded in 2018 by MEDX Xelerator, an Israeli Innovation Authority incubator, expects that the results of these studies will contribute to achieving regulatory clearance in the U.S. market. Harel Gadot, Company Group Chairman of MEDX Ventures Group, and Executive Chairman of XACT Robotics, will serve as the Executive Chairman of CAPS Medical's board of directors.
The financing round was led by Chasing Value Asset Management and the Los Angeles-based Israel Investment Fund Group (IIFG). Other investors that participated in the round include the Technion Research and Development Foundation and XACT Robotics, a portfolio company of MEDX Ventures Group, who will also add strategic capabilities to enhance the company's solid tumor treatments portfolio capabilities.
"CAPS Medical is answering a need within the cancer care ecosystem. By minimizing non-thermal plasma technology, CAPS Medical will provide oncologists with a treatment option that can selectively target cancer cells with greater precision and fewer side effects than many current treatment options," said Sheldon Liber, CEO of Chasing Value Asset Management. "We believe CAPS Medical is on the cusp of the next revolution in cancer care, and we look forward to helping the company progress through its clinical trials towards eventual FDA clearance."
"IIFG prides itself on investing in the most promising startups that Israel has to offer," said Dr. Hiri Etessami, co-founder of Israel Investment Fund Group. "We identified CAPS and its breakthrough technology early on and based on the company's answer to an important unmet need, we became the first to commit to this financing round. We are delighted to venture into the medical device market with CAPS Medical and look forward to working with the management team and the company's partners to improve oncology care worldwide."
Since its inception, CAPS Medical has been supported by MEDX Xelerator, with Boston Scientific and MEDX Ventures Group, partners in the incubator, being the major shareholders in the company.
Originally developed in The Technion - Israel Institute of Technology's Plasma Lab in collaboration with Rambam Health Care Campus, the technology was translated into a product by CAPS Medical team, led by Ilan Uchitel at the MEDX Xelerator. CAPS Medical became the first to have miniaturized non-thermal atmospheric plasma technology to produce a consistent stream of non-thermal plasma, meeting the size requirements for minimally invasive surgical access through existing tools.
CAPS Medical's platform is designed to treat solid tumors through minimally invasive procedures, attacking cancer cells without damaging surrounding healthy tissue. The application of non-thermal plasma directly targets and kills cancer cells and subsequently triggers an immune response that enables the body to target additional tumor-specific cells in the body in a cascade effect.
"We are honored to receive the support and trust of our world-renowned investors, during what has been an unprecedented time in the world. With the strength of our new investors, and the close collaboration with XACT Robotics, we are committed to enhancing internal solid tumor treatment via highly selective and minimally invasive non-thermal plasma treatment to elevate the standard of care for treating internal solid tumors," said Ilan Uchitel, CEO of CAPS Medical.
About CAPS Medical
Founded in 2018, CAPS Medical has created a highly selective Non-Thermal Atmospheric Plasma cancer treatment device, able to treat a wide range of solid tumors without impacting surrounding tissue. CAPS Medical addresses the $100 billion oncology market.
For more information, visit www.capsmedical.com.
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SOURCE CAPS Medical