ElastiMed chosen by Horizon 2020 to receive $1.6 million grant
ElastiMed announced that it was chosen as one of the companies to receive a grant from Horizon 2020 program as a part of the European Innovation Council (EIC) pilot. The grant is for a total of US$1.6 million over two years. The grant will be used to further product development, clinical studies, production scale-up, marketing and expanding the Company’s current intellectual property.
ElastiMed has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, stimulated by electric pulses, ElastiMed’s device, compresses and massage the legs to increase blood circulation. The smart sock provides patients with a comfortable, easy-to-wear, highly effective, and affordable treatment option to prevent symptoms such as swelling, blood clots, leg ulcers and reduce athletes’ recovery time.
Founder & CEO of ElastiMed Omer Zelka commented: “Being one of the companies chosen to receive the Horizon 2020 grant is indeed an honor. It is another step forward in ElastiMed’s quest to bring its product to market and provide users with a compression therapy solution that they can use comfortably.”
ElastiMed’s smart socks provide continual treatment for those suffering from poor circulation in their legs.