LifeBond CEO, Ishay Attar said "LifeBond is marching forward rapidly to provide solutions for major un-met needs in surgery. We welcome the new investors to the company” The start-up company LifeBond, which is developing a line of products in bio-surgery, has raised $20million in a third financing round. This financing round was led by Giza Venture Capital and Morris Kahn’s Aurum Ventures. Also participating in the round were existing investors: Pitango and Mr. Robert Taub, founder and former CEO of Omrix Biopharmaceuticals, GlenRock Israel, Leon Recanati’s investment company, and The Zitelman Group. Dr. Yuval Avni and Dr. Dan J. Gelvan will join the Company’s Board of Directors, following this investment round.
LifeBond is developing surgical sealants and hemostats intended for preventing leakage and bleeding. Proceeds from the round will be used for completion of the pre-clinical and clinical phases of the Company’s initial product: LifeSealGI™, a sealant indicated for reinforcement of gastro-intestinal anastomoses. Post-surgical leakage from anastomoses is currently a significant risk factor that can result in life threatening complications and costly re-operations. In certain surgical procedures the risk of leakage is up to 20% of
LifeBond anticipates that LifeSealGI™ will reach the market toward the end of 2012, pending regulatory approval. In addition, the company will continue to develop its severe bleeding control product, LifePatch™, which is based on the same technology platform.
LifeBond CEO Ishay Attar said "Closing this significant financing round in the current financial environment is a testament to the potential of LifeBond’s technology. Surgical teams are actively seeking innovative wound closure products with improved performance and ease-of-use to seal surgical staple-lines and stop severe bleeding. We are looking forward to using the proceeds provided by this round to bring our first
products to market as early as possible. Once approved, our products will become essential parts of the surgical toolbox and significantly improve surgical care.”
Yuval Avni, a Partner at Giza who will join the company’s Board of Directors added: “We are excited to partner with LifeBond’s management team and investors. We have been following LifeBond since its inception and we have been very impressed with the founders’ vision and business execution. We believe there is tremendous market potential for the first product, as well as the underlying technology. As a surgeon, aware of the need for surgical sealants, I had no doubts about LifeBond after trying the products myself and witnessing the impressive performance.. We look forward to working with LifeBond’s team.”
Ittai Harel, Partner at Pitango, and co-Chairman of LifeBond Board of Directors added: Lifebond has made great progress during the last two years on multiple fronts. LifeBond’s founders, Ishay Attar and Orahn Preiss-Bloom, have established an excellent team and have led the company towards significant accomplishments in product development, manufacturing and clinical studies; accomplishments that have clearly demonstrated the potential of the company’s lead product and technology. We are encouraged by the company’s progress and strongly believe in its potential. We welcome Giza and Aurum to the company, and look forward to working together, as the company progresses to clinical and commercial phases.