NES ZIONA, Israel--(BUSINESS WIRE)--OrSense Ltd., developer of monitors for non-invasive measurements of key blood parameters, announced today the closing of a U.S. $18 million financing led by Israel Healthcare Ventures (IHCV). Participating venture capital organizations include current investors: IHCV, STAR Ventures and Lewis Trust Private Equity division. The funds raised will be used to accelerate commercialization activities of the Company's products for non-invasive monitoring of various blood parameters.
During 2010, OrSense has received FDA clearance for its non-invasive multi parameter monitor for continuous and spot measurement of normal and low signal oximetry for use in hospitals and outpatient sites. OrSense has also received CE approval for the first non-invasive spot and continuous monitor of hemoglobin for anemia screening and hemorrhage detection applications. This has enabled the Company to focus on the marketing and sales of non-invasive monitors of hemoglobin and oxygen saturation for which it has secured key clients and won tenders, while competing with current invasive and emerging non-invasive solutions. OrSense customers include blood donation facilities, hospital departments, public screening program and outpatient facilities. The Company's products are based on its proprietary optical technology, Occlusion Spectroscopy, which eliminates the need for needle-stick blood tests, and overcomes key obstacles of competing approaches. OrSense's devices were tested on 8000 subjects, in over 40 clinical trials in over 20 sites worldwide.
“We are extremely pleased to successfully raise this new investment in OrSense which highlights the continuous support and confidence of our investors," said Lior Ma'ayan, OrSense's CEO. "Anemia is a key undiagnosed and untreated condition affecting around 2 billion people worldwide which may benefit from a painless, safe and easy to use screening solution. The funds secured will allow us to expand our commercialization efforts into additional point of care segments such as women's health, public health programs and homecare. During 2011 we will expand our geographical reach beyond Europe to Asia Pacific, Africa and the Americas."
Shimon Eckhouse, Ph.D., Chairman of OrSense’s Board of Directors, said, "We believe that this additional investment will help us establish OrSense as the world leader in non-invasive monitoring of various blood parameters, promising a significant improvement to the quality of life of millions of people worldwide."
About Occlusion Spectroscopy Technology
OrSense's portable non-invasive devices operate via a ring-shaped sensor that is fitted on the patient's finger and applies pressure, temporarily occluding local blood flow. During the occlusion, optical elements in the sensor perform a sensitive measurement of the light transmitted through the finger. This method, called Occlusion Spectroscopy, provides a quick, accurate and painless measurement of patients' and donors' blood constituents, while greatly improving their comfort, eliminating infection risk, and providing the medical staff with accurate readings and immediate results.
About OrSense
OrSense is a medical device company developing and marketing non-invasive monitoring systems for measurements of oxygen saturation, hemoglobin, glucose and other blood parameters. The Company's FDA cleared NBM 200MP is a non-invasive blood oximetry monitor for use in hospitals. OrSense’s non-invasive hemoglobin/hematocrit monitor was granted the CE approval and was tested on over 8,000 patients and donors at more than 20 sites in the U.S. and Europe. The Company's products are based on its proprietary Occlusion Spectroscopy technology, which overcomes key obstacles that hinder the performance of competing approaches. OrSense's CE approved glucose monitor was tested on over 450 diabetic subjects, showing performance similar to those of invasive glucose sensors. Investors in the Company include Israel Health Care Ventures and STAR Ventures. For additional information, please visit OrSense’s corporate website at www.orsense.com.