Vessi Medical completes $1.7 million in funding for minimally invasive bladder cancer treatment
The company aims to conduct the first human trials of its cold therapy treatment at the beginning of 2021
Israel-based medical device startup Vessi Medical announced on Monday that it has secured $1.7 million in funding for its cryoablation, or cold therapy, solution for superficial bladder cancer. Agriline, The Trendlines Group, the Israel Innovation Authority, and ExitValley Investors participated in the funding round.
In an announcement, the company said its first-in-human study, aimed at demonstrating the safety and efficacy of the Vessi intravesical cryotherapy device is planned for Q1 2021.
Vessi Medical’s solution aims to replace existing surgical treatments, which require hospitalization and general anesthesia, with bladder-specific cryotherapy technology. The Vessi system consists of a standalone console and a disposable device inserted transurethrally into the bladder and is suitable for outpatient clinic treatment.
Vessi Medical CEO Eyal Kochavi (right) and cryogenics expert Moti Simchon. Photo: Vessi Medical
“Demonstrating the technology in humans is an important milestone towards making cryo-spray ablation a significant tool for the treatment of superficial bladder cancer. We are currently focused on bladder cancer, but the Vessi technology will address other bladder diseases, such as overactive bladder, benefiting patients, physicians, and the healthcare system,” Vessi Medical CEO Eyal Kochavi said in a statement.
“Vessi Medical has made tremendous progress in its product development. We are very pleased with the company’s ability to complete this financing during the Covid-19 pandemic, which has made fundraising more challenging. The importance of minimally invasive treatment solutions that do not require hospitalization has been highlighted by the pandemic and supports the move to less centralized healthcare options,” said Trendlines Incubators Israel CEO Barak Singer.
“We recognize the strength of Vessi’s platform technology and believe that the company's product has the potential to offer unique value to patients suffering from bladder cancer,” said Vincent Tchenguiz, a British entrepreneur and beneficiary of the trust that owns Agriline.
Founded in 2015, Vessi Medical operates out of the Misgav Industrial Park in northern Israel.