RA'ANANA, Israel, February 15, 2018 /PRNewswire/ --
SMART Medical Systems Ltd., a manufacturer of innovative gastro-intestinal endoscopy products, announced today that it secured US$8 million in series B financing. The financing round was led by Signet Healthcare Partners, a NY-based healthcare investment firm. As part of the investment, Todd Sone and Ashley Friedman from Signet will join SMART's Board of Directors.
SMART's present financing will be used primarily to commercialize its G-EYE® product, which is clinically evidenced to enhance polyp detection during cancer-prevention colonoscopy procedures. The G-EYE® product is a novel add-on balloon device that works with standard endoscopes to assist visualization of the colon when screening for adenomas (pre-cancerous polyps). Adenomas are often missed during colonoscopy, which may lead to interval cancers - colon cancers that develop in the intervals between routine screening colonoscopies. Quality guidelines issued by the leading medical societies are citing adenoma detection rate as the key quality criterion for screening colonoscopy. As demonstrated in clinical studies, the use of the G-EYE® balloon in routine colonoscopy results in substantial increases in adenoma detection rates and corresponding meaningful reductions in colonoscopy miss-rates.
Gadi Terliuc, SMART's CEO, stated, "We are truly excited with the newly-formed partnership with Signet, which provides us with the resources for executing the company's commercial plan, and making the G-EYE® a widely available, standard colonoscopy solution. We believe the G-EYE® is perfectly suited to support physicians in their clinical efforts of diminishing interval colon cancers."
SMART plans on investing resources to expand commercial activity with its partners in both existing markets and by expanding into other selected geographies, where the G-EYE® is approved for marketing. Investment proceeds will also be directed to obtaining FDA clearance for the G-EYE® product and building U.S. commercial operations to support future U.S. product launch.
About SMART Medical Systems:
SMART Medical Systems is a pioneer in the development and manufacture of innovative gastro-intestinal endoscopy devices. Its proprietary technology enhances the performance and capabilities of existing endoscopy equipment, intuitively and cost-effectively. SMART's CE Marked and FDA cleared NaviAid™ products are commercially distributed in key global markets. Its G-EYE® product is currently distributed in selected regions. SMART is headquartered in Israel. For more information, visit http://www.smartmedsys.com
About Signet Healthcare Partners:
Signet Healthcare Partners is an established provider of growth capital to innovative healthcare companies. Signet invests in commercial-stage healthcare companies that are revenue generating or preparing for commercial launch. The firm's focus has primarily been on the pharmaceutical and medical technology sectors. Signet maintains a disciplined, yet flexible investment approach. As an active investor, Signet partners closely with its companies to build their value including facilitating activities between portfolio companies. During Signet's 18-year history, it has developed a strong reputation and track record of successful investments. Signet has raised four funds with total capital commitments of over $400 million and has invested in more than 45 companies. For more information, visit http://www.signethealthcarepartners.com .
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