ElastiMed raises $1 million

Omer Elastimed Biomed 2016

ElastiMed CEO Omer Zelka stands next to the model of the Company’s wearable device for improving circulation in the legs for the treatment of venous and lymphatic diseases.

Editor’s note: News of the ElastiMed raise appeared on Calcalist and Sponser (Hebrew).

ElastiMed announced that it raised $1 million from a strategic investor, existing investors (Trendlines and Pix Vine Capital), new private investors, and the Israeli Innovation Authority. This represents the Company’s second round of funding, bringing total raises to date to $2 million. Funds will be used to conduct a clinical study, regulatory filings, and to further expand 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, ElastiMed’s device compresses and massages the legs when stimulated by an electric pulse. 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 sports injuries.

ElastiMed Founder and CEO Omer Zelka commented: “We are thrilled with the support and interest that our existing and new investors have demonstrated. It is indeed a vote of confidence in ElastiMed’s future and potential.” Added Trendlines Chairman and CEO Todd Dollinger, “ElastiMed’s huge market is clearly in need of better solutions for chronic edema and DVT. We are proud of the Company’s achievements so far and look forward to seeing them enter the marketplace.”

Chief Investment Partner of Pix Vine Capital Patrick De Silva remarked, “We are excited to continue our support in the potential commercialization of a usable and effective wearable device, to help treat chronic edema and to prevent DVT.”

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