This round was led by Paul Merage and Kamran Siminou private investors from the US, Mori Arkin and Dan Susskind from Israel and several other private investors. The funds will be used for the expansion of the clinical trial in Israel and the launch of a pivotal clinical trial in the US. The company has developed a unique implant for the treatment of aging men suffering from enlarged prostate (BPH) symptoms.
Butterfly Medical Ltd. (Yokneam, Israel), that has developed a urological implant for a unique simple and safe treatment of BPH symptoms, announced the completion of a $2M round of financing. The round was led by Paul Merage and Kamran Siminou (USA), Mori Arkin and Dan Susskind (Israel), and several other private investors.
The implant, developed by the company, is delivered to the prostatic urethra in a procedure taking several minutes that can be done at the physician’s clinic. The implant retracts the blocking tissue and restores urine flow. Enlarged prostate causing difficulties in urination is considered one of the most prevalent diseases in aging men. Unlike Butterfly’s non-surgical solution, current treatments include mainly drugs and surgical interventions, both carrying risks and side effects.
In a clinical trial conducted these days at several medical centers in Israel, more than 30 patients were treated so far. The trial shows good clinical outcomes and demonstrates the simplicity of the procedure and its safety and its advantages over existing treatments. The implant delivery procedure is intuitive for every urologist and requires a very short training. In addition, this is the only treatment that the urologist can perform with his own flexible cystoscope, enabling the procedure to be done in the clinic, under local anesthesia.
Dr. Shimon Eckhouse, Co-Founder and
Chairman of the company said: “Butterfly is another great example of the
original way of thinking and the level of execution of the founders we work
with at Alon and our ability to develop together innovative solutions to
medical problems with huge market potentials. The investors joining the
company are leaders in the medical field.”
Idan Geva, CEO of Butterfly Medical, said: “the joining of this group of investors, that also includes leading physicians and urologists from the US, is first and foremost a vote of confidence in the company and in the technology that we have developed”. Mr. Geva added: “The clinical trial that we are conducting proves that our treatment is simpler and safer compared to any existing treatment and is the only one suitable for out-patient procedure under local anesthesia. The high level of interest in our treatment that we are seeing, especially from patients, shows how eager the market is for a non-surgical treatment to a medical condition affecting millions of men.”
Kamran Siminou, one of the lead investors of this round said: “The medical technology coming out of Israel recently is just amazing and Butterfly Medical is a great example. Butterfly Medical’s technology rides the wave of the trend of treating patients noninvasively in the doctor’s office at a lower cost benefiting the patient and reducing the overall cost of healthcare.”
About Butterfly Medical:
Butterfly Medical was founded in late 2014, as part of the portfolio of Alon Med-Tech Ventures incubator, with the goal of developing a non-surgical treatment for men suffering from BPH symptoms. The company was founded by Dr. Adrian Paz and Mr. Yehuda Bachar, both are seasoned entrepreneurs in the medical device space. The technology developed by the company allows for the procedure to be transferred from the operating room to the clinic, eliminates the need for hospitalization and significantly shortens recovery time.
