Vessi Medical Closes $16.5 Million Series A Round for Innovative Cryotherapy Bladder Cancer Treatment

Investors include an undisclosed global strategic investor, ALIVE VC and Agriline

MISGAV, Israel, Feb. 14, 2024 /PRNewswire/ -- Vessi Medical Ltd. ("Vessi") announced today that it has closed a Series A financing round of $16.5 million for its cryotherapy technology to treat Non Muscle Invasive Bladder Cancer ("NMIBC"). Leading investors in the round are an undisclosed global strategic investor, ALIVE- Israel HealthTech Fund, and Agriline, a trust of which UK investor Vincent Tchenguiz is a discretionary beneficiary, joining The Trendlines Group.

Vessi's minimally invasive solution for NMIBC provides a new therapeutic alternative to Transurethral Resection of Bladder Tumor ("TURBT"), the costly leading invasive surgical first-line therapy. NMIBC is defined as a cancer on the surface of the inner lining of the bladder. Physical symptoms include problems urinating, pain and blood in the urine, and sexual dysfunction, all leading to a significant decrease in quality of life. The company's bladder-specific proprietary cryotherapy has the potential for significantly improving quality of life; the technology has been successfully used in a first in human study.

Vessi Medical Founder & CEO Eyal Kochavi, commented, "We are thrilled to announce the closing of this round, especially during this challenging time. The participation of a global strategic investor in this round is a huge show of confidence in Vessi's achievements and potential. The financing led by ALIVE will support expanding Vessi's R&D capabilities, clinical studies in Israel and the U.S., and regulatory clearance, enabling us to achieve our goal of bringing Vessi's treatment for NMIBC to patients and physicians to reduce side effects, improve patient outcomes, and lower health care costs."

Prof. Rafi Beyar, ALIVE's Managing General Partner, who will join the BOD of Vessi, commented, "The investment in Vessi is an excellent demonstration of ALIVE's strategy to invest in category technology leaders alongside global partners with strategic value, targeting in this case the treatment of bladder cancer with a superior cryotherapy solution."  Michel Habib, ALIVE's Managing General Partner, added, "The funds secured thanks to the investment partnership with a global strategic investor will allow Vessi's team to focus on executing its clinical and regulatory plan, and efficiently achieve value creating milestones."   

Vincent Tchenguiz, owner of Consensus Business Group and Agriline discretionary beneficiary: "Positioned at the vanguard of technological advancement, Vessi Medical's cutting-edge cryotherapy for NMIBC heralds a transformative shift in both cancer care and health economics.

Our investment is a testament to our confidence in Vessi's revolutionary potential to not only enhance patient outcomes but also to redefine care standards, alleviate suffering, and spearhead the development of more compassionate and efficacious treatment modalities. The fusion of groundbreaking science and the strategic investment of a global player, ALIVE, and Agriline constitutes a strong and solid mix that can greatly contribute to the company's success. Vessi's promise to catalyze improvements and innovation in healthcare heralds an exciting era in NMIBC treatment."

About Vessi Medical

Vessi Medical is an Israel-based urology medical device company that has developed an innovative, IP-protected cryospray system, purposely designed for hollow & humid organs, a novel approach for the treatment of Non Muscle Invasive Bladder Cancer (NMIBC). Vessi's founding investor is The Trendlines Group (SGX: 42T) (OTCQX: TRNLY), with the support of the Israel Innovation Authority.

Contact:

Eyal Kochavi, CEO Vessi Medical
[email protected]

SOURCE Vessi Medical