The Zitelman Group joins GlenRock Israel in $1.5 million funding of hemostatic solutions company

ROCKVILLE, Md. & JERUSALEM--(BUSINESS WIRE)--The Zitelman Group announced today it has invested $575,000 in LifeBond Ltd. as part of a total $1.5 million investment by a group of private investors, led by GlenRock Israel, Leon Recanati’s investment company.

“We are able to watch the laboratory tests done here at Maryland and GlenRock can work closely with the company in Israel. It’s a great match”

The capital will be used to conduct preclinical feasibility studies of the company’s bandaging product and to take it through the FDA approval process. LifeBond’s bandage releases a sticky gel that creates a barrier when it comes into contact with blood, which prevents blood loss. Presently, surgical bandages absorb blood and are ineffective in cases of massive hemorrhaging or if the person is taking anti-coagulants.

Ishay Attar, LifeBond co-founder and CEO said, “There are a million cases a year of life-threatening hemorrhaging during surgical procedures. 50,000 people die from the related trauma in the U.S. every year. Surgical procedures currently spend half their time stopping bleeding, and our bandage is expected to result in a significant saving in time and lives.” He added he expects the trauma bandage to obtain regulatory approval in the U.S., Europe and Israel during 2008.

Over the last 4 years, The Zitelman Group has made investments in many Israeli companies and investment funds. “I met Ishay at the Misgav Technology Center in 2005 and am very impressed with him and the potential of LifeBond. We also saw a great opportunity to co-invest with GlenRock, who is a premier Israeli private investment fun. GlenRock has tremendous experience in this area and was instrumental in attracting David Haselkorn to be the chairman of LifeBond. David’s record as CEO of Clal Biotechnology Industries and Savient Pharmaceuticals, Inc. is outstanding and his involvement in LifeBond says a lot about its potential.

“We are able to watch the laboratory tests done here at Maryland and GlenRock can work closely with the company in Israel. It’s a great match,” said Rick Zitelman, Founder and President of The Zitelman Group.

About The Zitelman Group

Founded in 1985, The Zitelman Group (“TZG” www.tzg.com) is a Rockville, MD based Merchant and Investment Banking firm. TZG, a trusted advisor and partner, generally takes a lead investment position and brings in other partners to co-invest in private debt and equity transactions. The company specializes in early stage companies, providing strategic guidance and helping to turn entrepreneurs into successful businessmen and women. TZG also has an office in Jerusalem, Israel.

About LifeBond, Ltd.

Established in 2007, LifeBond’s mission is to provide versatile hemostatic solutions to minimize fatalities and damage from trauma wounds and surgical injuries. In addition, it intends to develop its core technology into a range of products to establish leading positions in emerging bio-surgical market niches.

About GlenRock Israel, Ltd.

GlenRock Israel, Ltd (Glenrock) is a private investment company founded and headed by Mr. Leon Recanati focused on investments in the fields of life sciences (including biotechnology and medical devices) and advanced technologies. Founded in 2003, GlenRock leverages a unique combination of private equity, multidisciplinary in-house expertise, unmatched access to quality deal flow, and a focused but flexible investment strategy to achieve maximum returns.

With a global presence and ready access to the most prominent names in Israeli business, academia, and science, GlenRock is experienced at identifying Life Sciences and advanced technology opportunities - and leading them to realization of their true market potential.

GlenRock takes an active and long-term role in the development and growth of portfolio companies – ensuring that extraordinary ideas evolve into business success stories.