YOKNEAM, Israel, April 3, 2018 /PRNewswire/ -- ElastiMed Ltd. ("ElastiMed"), announced that it was chosen as one of the companies to receive a grant from Horizon 2020 program as a part of the European Innovation Council (EIC) pilot. The grant is for a total of US$1.6 million over two years. The grant will be used to further product development, clinical studies, production scale-up, marketing and expanding the Company's current intellectual property.
ElastiMed has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, stimulated by electric pulses, ElastiMed's device, compresses and massage the legs to increase blood circulation. The smart sock provides patients with a comfortable, easy-to-wear, highly effective, and affordable treatment option to prevent symptoms such as swelling, blood clots, leg ulcers and reduce athletes' recovery time.
Founder & CEO of ElastiMed Omer Zelka commented: "Being one of the companies chosen to receive the Horizon 2020 grant is indeed an honor. It is another step forward in ElastiMed's quest to bring its product to market and provide users with a compression therapy solution that they can use comfortably."
Founded in 2015 at The Trendlines Group's (SGX: 42T) (OTCQX: TRNLY) Incubator, ElastiMed is an Israeli company that develops wearable medical devices to improve circulation in the legs for the treatment of venous and lymphatic diseases. Existing investors include Pix Vine Capital, the Israel Innovation Authority, a strategic investor and private investors.
Chronic leg swelling (edema), which is caused by poor circulation, affects more than 7.4 million people in the United States alone1. Edema may result from old age, cancer treatments, poor diet or pregnancy. Blood clots, which are formed in the legs (DVT, deep vein thrombosis), affect over 790,000 people in the United States and EU2. Applying constant or changing external pressure on the legs has been proven to be a highly effective treatment to improve circulation and reduce swelling3. With more than 60% non-compliance4 rate for existing treatment options, ElastiMed's device is aimed at improving patient compliance with a comfortable, highly effective clinical treatment. ElastiMed addresses a potential worldwide market of US$3.3 billion.
1 MNT 2017 (http://www.medicalnewstoday.com/articles/159111.php ), Lymphatic network 2017 (http://lymphaticnetwork.org/living-with-lymphedema/lymphedema-and-lymphatic-diseases-affect-millions-and-concern-us-all )
4Phlebolymphology 2008 (https://www.phlebolymphology.org/compliance-with-compression-stockings-in-chronic-venous-disease/ )
SOURCE ElastiMed Ltd.