CAESAREA, Israel, August 5, 2015 /PRNewswire/ --
LifeBond, a leader in the development of bio-surgical medical devices for tissue repair, announced today it has closed a $27M Series D preferred equity investment. Participants in the round include Pitango Venture Capital, Adams Street Partners, Sino Biopharmaceutical Ltd., and all existing investors.
The financing will support market introduction and commercialization in the European Union of LifeBond's flagship product, the LifeSeal™ Surgical Sealant, the commencement and completion of an international, multi-center, pivotal study of LifeSeal to support FDA pre-market approval and the clinical development of the company's second pipeline product, LifeMesh™ self fixating mesh.
In 2014, LifeBond successfully completed a multinational, randomized controlled pilot study in Europe of LifeSeal™, the first clinically tested GI sealant, in which a favorable decrease in anastomotic leakage rate was observed. The company is planning to begin enrolling patients in the aforementioned US pivotal study of LifeSeal™ in 2016.
LifeSeal™ is designed to minimize post-operative complications such as staple-line leakage in GI and bariatric surgeries. Anastomotic (point of surgical connection) leakage after a colorectal resection is associated with significant mortality and morbidity, with anastomotic leakage occurring in as many as 15-19% of patients. LifeSeal™ was developed to address the unmet surgical need for a sealant that provides a protective layer that can reduce anastomotic leakage.
"LifeSeal is a novel product that addresses an urgent unmet need that industry has not been able to solve for, until now. The product has the potential to greatly reduce surgical leaks, which are associated with potential infections and other serious complications, risking the lives of hundreds of thousands every year," said Ittai Harel, chairman of the board of LifeBond and a general partner at Pitango.
Mr. Harel continued, "The Company has in recent years made great advances, with compelling pilot clinical results, commercialization prep, and an expanding surgical product line offering, as evidenced by the strong support from the investment community. We are pleased to continue and support, and be part of, the evolution and development of LifeBond."
"I would like to thank our investors, from Israel, Europe, the Far East, and the US for their strong support, commitment and trust in LifeBond's technology, strategy and management," Said LifeBond CEO, Mr. Gideon Sturlesi.
Mr. Sturlesi continued, "Today the success of these many years of hard work is apparent and has clearly been endorsed both by the medical as well as financial community. The technology can be applied to create a nearly endless pipeline of products. And based on the feedback and enthusiasm of leading surgeons worldwide, we have industry confirmation that our technology and products have the potential to effectively fill a large unmet need. Moving forward we plan to methodically continue implementing our existing strategy with the goal of bringing our products to market as soon as possible."
LifeBond is a leader in the development and manufacturing of bio-surgical medical devices for tissue repair intended to improve the recovery of patients following surgery and to create an environment that supports the body's natural healing process. Of natural origin, elastic, adhesive, durable and yet absorbable, the company's devices have the potential to fill a long list of unmet surgical needs. LifeBond's first product, LifeSeal™, is designed to provide staple-line reinforcement in GI surgery. It was recently studied in an international pilot clinical study in Europe and is now pending CE mark. The company's second pipeline product, LifeMesh™, a self-fixating hernia mesh, is in pre-clinical development. Other pipeline products include tissue adhesives and absorbable hemostats. LifeSeal™, LifeMesh™ and other LifeBond products are investigational and have not yet been approved for sale in the US or in any other market. For more information please visit http://www.life-bond.com
Certain statements made throughout this press release that are not historical facts contain forward-looking statements regarding the Company's future plans, objectives and expected performance. Any such forward-looking statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties and, therefore, there can be no assurance that actual results may not differ materially from those expressed or implied by such forward-looking statements.