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Company’s Smart Drain technology for early detection of anastomotic leaks awarded US and Chinese patent for use of resorbable and other structures in monitoring of healing and inflammation following GI surgery
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Dec 15, 2021, 07:00 ET
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OR YEHUDA, Israel, Dec. 15, 2021 /PRNewswire/ — Exero Medical, developer of the Smart Drain system for real-time monitoring of GI post-op healing, announces three major milestones.
The company has raised $1.3 million collectively from CBG Group, other private investors and the Israel Innovation Authority. The financing, in the form of a SAFE preamble to an ongoing series A funding round, will be used to support Exero’s next clinical trial currently planned for 2022 and to further advance the development of its biodegradable sensor.
"We believe Exero Medical will re-invent gastro-intestinal post-op care. Exero’s device has enormous potential to positively impact the lives of the millions of patients undergoing GI surgery every year," said Mr. Vincent Tchenguiz, Founder and Chairman of CBG Investment Group. "What drew our attention to Exero was the company’s innovative approach, an impressive traction that was created in just a short time, the huge market it has the possibility to serve and the significant value it can generate for the health system globally. We have great expectations for the future."
In addition to its ongoing series A round, Exero is also expanding its management team in preparation for the company’s next round of clinical trials. Exero is pleased to welcome Ilana Fishman as its new VP of Clinical, Regulatory and QA Affairs and Gilad Lerman PhD as Exero’s new VP R&D. Both have extensive experience in the biomedical industry.
Finally, Exero has been granted a patent from both the US and China for its device, system and method for monitoring a surgical site. Both patents cover the use of resorbable and other structures to enable monitoring of healing and inflammation following surgery.
CEO of MEDX Xelerator Shai Policker said, "We are excited to continue the process of clinical validation of this breakthrough technology. With Exero’s new multidisciplinary leadership and world class investors, all the elements are in place for the company to transform and improve the way post-op healing is managed.
Exero Medical CEO Dr. Erez Shor said, "I would like to thank CBG, the IIA and our other new investors for their vote of confidence. I would also like to formally welcome Ilana Fishman and Gilad Lerman to the Exero team. With the funding in hand, our new talented team in place and the receipt of patents from the US and China, we are confident that we will make major strides in the next 24 months towards clinical validation and marketing approval for the benefit of the patient, investors and the healthcare system alike."
About MEDX Xelerator
MEDX Xelerator is a leading international medical device and digital health-focused incubator founded in 2016 and operating under the auspices of the Israel Innovation Authority. Current partners include Boston Scientific, MEDX Venture Group, Sheba Medical Center and Consensus Business Group (CBG).
For more information, please visit https://www.medxelerator.com/.
Follow MEDX on LinkedIn.
About Exero Medical
Exero was founded in 2018 by MEDX Xelerator, an Israeli Innovation Authority incubator, and Clalit HMO, the largest HMO in Israel. Exero Medical’s goal is to save lives through early detection of anastomotic leaks following gastrointestinal (GI) surgeries, addressing a $2 billion market with its Smart Drain sensor technology. The company has created a patent-pending, implantable biodegradable wireless sensor designed to continuously monitor the GI tract near the surgical site, alerting physicians to potential anastomotic leakage post-operation and also enabling early patient discharge by identifying proper tissue healing. Exero Medical is backed by seed investment from the MEDX Xelerator, Boston Scientific, MEDX Ventures, Intellectual Ventures, and CBG Group.
For more information, please visit https://www.exeromedical.com/.
Follow Exero Medical on LinkedIn and Twitter.
Consensus Business Group ("CBG") is a leading UK-based investment group whose overall portfolio includes pharma, biotech, med-tech, cleantech, real estate and other business interests. It has a net asset value more than $1.2 bn. CBG’s investment approach is driven by deep analysis of worldwide trends and dynamics. Experts in structuring unique and strategic financial and business models, the group has invested more than $700m worldwide in several leading funds, incubators, holding companies and other direct investments.
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