Vessi Medical announced today that it has closed a Series A financing round of $16.5 million for its cryotherapy technology to treat Non Muscle Invasive Bladder Cancer (NMIBC). 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 provides a new therapeutic alternative to Transurethral Resection of Bladder Tumor (TURBT), the costly leading invasive surgical first-line therapy. NMIBC is defined as a cancer on the surface of the inner lining of the bladder. 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 for significantly improving quality of life; the technology has been successfully used in a first in human study.
"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," said Vessi Medical Founder & CEO Eyal Kochavi
Vessi Medical is an Israel-based urology medical device company that has developed an innovative, IP-protected cryospray system, purposely designed for hollow & humid organs, a novel approach for the treatment of Non Muscle Invasive Bladder Cancer (NMIBC). Vessi's founding investor is The Trendlines Group, with the support of the Israel Innovation Authority.
