Vessi Medical announced today that it closed a Series A financing round worth $16.5 million to support its cryotherapy technology.
Misgav, Israel-based Vessi develops its technology to treat non-muscle invasive bladder cancer (NMIBC). It could provide a therapeutic alternative to transurethral resection of bladder tumor (TURBT), the current first-line therapy. Vessi believes its bladder-specific, proprietary cryotherapy could significantly improve patients’ quality of life. It’s already been successfully used in a first-in-human study.
An undisclosed global strategic investor, ALIVE-Isreal HealthTech Fund and Agriline led the funding round. They joined The Trendlines Group as investors in Vessi Medical. While the company didn’t list the intended use of proceeds, ALIVE Managing General Partner Rafi Beyar said in a news release that the funds allow Vessi’s team “to focus on executing its clinical and regulatory plan, and efficiently achieve value-creating milestones.”
Founder and CEO Eyal Kochavi called the funding — particularly the participation of the strategic investor — a “huge show of confidence.”
“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,” Kochavi said.
