ElastiMed Secures Additional US$1 Million in Funding

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Sep 25, 2017, 09:00 ET

MISGAV, Israel, September 25, 2017 /PRNewswire/ --

ElastiMed Ltd. ("ElastiMed"), announced that it recently raised US$1 million from a strategic investor, existing investors - The Trendlines Group (SGX: 42T) (OTCQX: TRNLY) and Pix Vine Capital - new private investors, and the Israeli Innovation Authority. This represents the Company's second round of funding, bringing total raises to US$2 million to date. Funds will be used to conduct a clinical study, regulatory filings, and to further expand 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, ElastiMed's device compresses and massages the legs when stimulated by an electric pulse. 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 sports injuries.

Omer Zelka, Founder & CEO of ElastiMed, commented: "We are thrilled with the support and interest that our existing and new investors have demonstrated. It is indeed a vote of confidence in ElastiMed's future and potential."

Todd Dollinger, Chairman and CEO of Trendlines, added: "ElastiMed's huge market is clearly in need of better solutions for chronic edema and DVT. We are proud of ElastiMed's achievements so far and look forward to seeing them enter the marketplace."

Patrick De Silva, Chief Investment Partner of Pix Vine Capital, said : "We are excited to continue our support in the potential commercialization of a usable and effective wearable device, to help treat chronic edema and to prevent DVT."

About ElastiMed

ElastiMed is an Israeli medical device company that develops a wearable medical device to improve circulation in the legs for the treatment of venous and lymphatic diseases.

Chronic leg swelling (edema), which is caused by poor circulation, affects more than 7.4 million people in the United States alone^[¹^]. 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 EU^[²^]. Applying constant or changing external pressure on the legs has been proven to be a highly effective treatment to improve circulation and reduce swelling^[³^]. With a more than 60% non-compliance^[⁴^] 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.