Cheetah Medical Closes $20 Million Series B FinancingBy Cheetah Medical Ltd, PRNE
Sunday, March 14, 2010
Accelerating the Global Commercialization of NICOM(R) Noninvasive Hemodynamic Monitoring Systems
TEL-AVIV, Israel, March 15, 2010 - Cheetah Medical, a worldwide leader in noninvasive hemodynamic and
cardiac output monitoring technology, announced today the closing of a $20
million financing round. The financing was led by Ascension Health Ventures
(AHV) and also included Robert Bosch Venture Capital (RBVC), MVM Life Science
Partners (MVM) and existing investors.
"We are very excited by the level of support provided by Cheetah's
distinguished new investors, who share our vision for the extraordinary
potential of the NICOM platform," commented Yoav Avidor, M.D., Chief
Executive Officer of Cheetah Medical. "By providing accurate, noninvasive,
continuous hemodynamic information, NICOM can improve patient outcomes by
helping clinicians optimize fluid and vasoactive drug management in areas
such as critical care, anesthesia, emergency medicine and heart failure.
Patients worldwide are already benefiting from the NICOM platform, and the
support of our investors enables continued expansion to new clinicians,
applications and global markets."
As a result of the financing, Dr. Walter Lin, an Investment Manager with
AHV, Gadi Toren, Venture Capital Investment Partner with RBVC, and Dr.
Stephen Reeders, a Managing Partner with MVM, have joined the company's
"Because of its accuracy and non-invasiveness, Cheetah's NICOM platform
has the potential to significantly expand the hemodynamic monitoring market,"
said Dr. Walter Lin of AHV. "We are excited to partner with a company whose
validated technology can both improve outcomes and reduce the cost of care in
what is generally a high acuity patient population."
Decisions regarding appropriate fluid administration and titration of
drugs that support the cardiovascular system have a profound impact on
patient survival, complications and cost of care. These concepts, also known
as fluid optimization and goal directed therapy, are increasingly becoming
standard of care. This is especially true in those who are critically ill,
such as patients with sepsis, heart failure, kidney failure, and trauma, or
those undergoing major surgical procedures.
NICOM provides a simple to use platform that enables physicians and
nurses to quickly obtain accurate advanced hemodynamic parameters at the
bedside, thereby aiding in differential diagnosis and selection and titration
of the appropriate therapy to individualize patient care. Legacy approaches
that rely on invasive, costly catheters have more limited use due to concerns
about cost, maintenance requirements, invasiveness and potential
complications. NICOM provides accurate hemodynamic information through a
safe, cost-effective, user-friendly platform that can be utilized by
physicians, nurses and other clinicians.
About Cheetah Medical
Cheetah Medical's NICOM(R) Noninvasive Cardiac Output and Hemodynamic
Monitoring System uses the company's proprietary BIOREACTANCE(R) Technology
to deliver continuous, accurate, noninvasive cardiac output (CO) and other
vital hemodynamic monitoring parameters. The system is US FDA cleared and CE
Marked, and since its commercial launch in 2008 has been adopted by a growing
number of clinicians worldwide. Cheetah Medical headquarters is located in
Tel-Aviv, Israel and its United States headquarters is located in Portland,
Oregon. For more information, visit our website at
About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly-owned
subsidiary of Ascension Health. AHV's role has been to construct and manage a
strategic portfolio of investments that deliver a venture investment return,
have the potential to transform the healthcare industry and significantly
enhance the quality of patient care. CHV II, LP, a limited partnership
between Ascension Health, Catholic Health Initiatives, Catholic Health East
and Catholic Healthcare West, has been formed to expand this strategic
investment initiative to other Catholic healthcare systems. AHV is the
general partner of CHV II, LP.
About Robert Bosch Venture Capital
The Bosch Group is a leading global supplier of technology and services.
In the areas of automotive and industrial technology, consumer goods, and
building technology, some 270,000 associates generated sales of 38 billion
euro in fiscal 2009. Each year, Bosch spends more than 3.5 billion euros for
research and development, and applies for over 3,000 patents worldwide. With
all its products and services, Bosch enhances the quality of life by
providing solutions which are both innovative and beneficial.
Robert Bosch Venture Capital GmbH invests worldwide in innovative
start-up companies at all stages of their development. Its investment
activities focus on technology companies working in areas of business of
current and future relevance for Bosch, above all automation and control,
energy and environment, enabling technologies, and healthcare. Robert Bosch
Venture Capital GmbH also invests in services/ business models as well as new
materials that are relevant to the above-mentioned areas of business.
For more information, visit www.bosch.com and www.rbvc.com.
About MVM Life Science Partners
MVM Life Science Partners LLP, founded in 1997, is a venture capital firm
which manages three funds totaling more than $500 million and invests in
companies that discover, develop and commercialize innovations in
biotechnology, pharmaceuticals and medical devices for the life science and
healthcare markets. MVM has offices in both London and Boston, making
investments predominantly in Western Europe and the United States, and has a
growing team with wide-ranging experience across the life science and private
equity markets (www.mvmlifescience.com).
Contact: Yoav Avidor, M.D., Chief Executive Officer Telephone: +972-3-644-0288. Email: Cheetah@cheetah-medical.com
Contact: Yoav Avidor, M.D., Chief Executive Officer, Telephone: +972-3-644-0288, Email: Cheetah at cheetah-medical.com
Tags: Cheetah Medical Ltd, Israel, March 15, Tel aviv