Vessi Medical announced that it had closed a Series A financing round of $16.5 million for its cryotherapy technology to treat Non-Muscle Invasive Bladder Cancer (NMIBC). The 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 offers a new therapeutic alternative to Transurethral Resection of Bladder Tumor (TURBT), which is a costly, leading invasive surgical first-line therapy. And NMIBC is defined as a cancer on the surface of the bladder’s inner lining. The 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 to improve quality of life significantly; the technology has been successfully used in a first in human study.
KEY QUOTES:
“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.”
- Vessi Medical Founder & CEO Eyal Kochavi
“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.”
- Prof. Rafi Beyar, ALIVE’s Managing General Partner, who will join the BOD of Vessi
“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.”
- Michel Habib, ALIVE’s Managing General Partner
“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.”
- Vincent Tchenguiz, owner of Consensus Business Group and Agriline discretionary beneficiary
