TEL AVIV, Israel, Oct. 23, 2019 /PRNewswire/ -- The Israeli start-up Laminate Medical Technologies, developer of the VasQ™ External Vascular Support Device for arteriovenous fistulas in patients requiring dialysis, today announces the completion of a capital raising following an investment from the London-based Valiance Asset Management, through its Luxembourg domiciled Life Sciences Global Investment Fund, in addition to the investment announced earlier this year. This is the first investment by a Valiance fund in an Israeli company.
Laminate's flagship device, VasQ, is in use today in hundreds of hospitals across Europe with impressive results. Dialysis patients require surgically created arteriovenous fistulas to facilitate renal replacement therapy. However, arteriovenous fistulas have a historically high primary failure rate, requiring patients to experience multiple additional procedures or even to receive an entirely new arteriovenous fistula. VasQ's unique design provides an external support for the fistula to promote usability without the need for multiple procedures and minimizes the risk of primary failure requiring a new creation. The success of VasQ has been demonstrated in a recently published randomized controlled study in the American Journal of Kidney Disease, as well as by independent reports from commercial use.
In addition, following the capital raise, Jose Calle Gordo, a Managing Partner at Valiance, will join Laminate as a member of the Board of Directors. Mr. Calle Gordo has served in senior positions at a number of medical device corporations including Biosensors International, Abbott, Guidant and Eli Lilly prior to joining Valiance.
"We are excited to invest in Laminate and believe that Laminate's VasQ system is a unique innovative solution that transforms the way fistulas are created, reducing the burden to patients and to society of the problems associated with fistula failure," said Mr. Calle Gordo ."We are also happy to partner with Tammy Gilon, founder and CEO of Laminate Medical, to help the company expand and to obtain further regulatory approvals in order to treat dialysis patients globally. This investment represents the first by a Valiance fund into the Israeli MedTech ecosystem, as well as the first life sciences investment by a Valiance fund outside of Europe and North America, underlining the firm's global reach."
"The investment by Valiance reflects our current momentum over the past year and is an expression of their belief in Laminate's capabilities", said Tammy Gilon. "After establishing ourselves in key countries, foremost among them the German market, and in recent months also expanding into other countries including Italy, Spain, France and Sweden, this capital raise will now enable us to focus our marketing efforts on the USA. We are operating in the American market today within the framework of a clinical trial conducted in major hospitals across the country, as part of our preparations for a full commercial entry in 2020."
"We have succeeded in gathering an impressive group of investors, with broad experience across different areas of activity within the world of medical equipment, who understand the need for the solution that VasQ offers to dialysis patients. There is no doubt that the addition of Valiance also provides the added value of professionals with experience and know-how in the world of medicine, and we welcome them," added Gilon.
This is Laminate's second round of capital raising in less than a year, after completing a round at the beginning of 2019 which included an investment by the leading manufacturer of dialysis equipment in Japan, Asahi Kasei Medical, together with investments by the American investment fund Tal Capital, and private investors, including Mickey Boodaei, Shai Agassi, Yuval Tal and Meir Barel. They join the company's existing investors, who include the Chinese pharma company Haisco, Nava and Yehuda Zissapel, Zohar Gilon, Eri Steimatzky, Henit Vitos, and Ari Rabad. Laminate was founded in 2012 by Tammy Gilon, who serves as CEO of the company, and Dr. Eyal Orion.
VasQ has already received European CE approval and is commercialized locally by means of a broad network of distributors in Italy, Switzerland, and Austria. There has been significant uptake in Germany following approval of NUB insurance indemnification, regulating receipt of authorized reimbursements from the country's insurance companies to cover the cost of the device.
The research and development center of Laminate Medical Technologies is in Ramat HaHayal in Tel Aviv, with branches in the USA and Germany. The company has 22 employees.
For a demonstration video:
To the company's website:
SOURCE Laminate Medical Technologies