Israeli biosurgical sealant developer Lifebond has raised $20 million in a third financing round.
Giza Venture Capital and Aurum Ventures led the round, and were joined by current investors Pitango Venture Capital, GlenRock Israel, Zitelman Group, and Robert Taub, the founder and CEO of Omrix Pharmaceuticals (acquired by Johnson & Johnson in 2008).
“LifeBond is marching forward rapidly to provide solutions for major un-met needs in surgery. We welcome the new investors to the company,” said LifeBond CEO, Ishay Attar.
LifeBond is renowned for developing surgical sealants and hemostats intended for preventing leakage and bleeding during surgery.
Proceeds from this financing round will be used for the completion of pre-clinical and clinical phases of the company’s flagship product, LifeSealGI, a post-surgical sealant for the reinforcement of gastrointestinal anastomoses.
LifeBond anticipates that LifeSealGI will reach the market toward the end of 2012.
“Closing this significant financing round in the current financial environment is a testament to the potential of LifeBond’s technology. Surgical teams are actively seeking innovative wound closure products with improved performance and ease-of-use to seal surgical staple-lines and stop severe bleeding,” said Attar. “We are looking forward to using the proceeds provided by this round to bring our first products to market as early as possible. Once approved, our products will become essential parts of the surgical toolbox and significantly improve surgical care.”