Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, April 23 2019 - 11:00
Rapid Medical Raises $20 Million in New Funding to Support Clinical and Commercialization of First-in-class Stroke Treatment Products
YOKNEAM, Israel, April 23, 2019 /PRNewswire-AsiaNet/ --

- Funding was led by JAM Capital Partners and MicroPort 

    Rapid Medical, a company focused on the development of interventional 
neurovascular devices, announced today that it has completed an oversubscribed 
Series C financing of $20 million. The proceeds will be used for the completion 
of the TIGER U.S. IDE study and to support accelerating commercial growth of 
the company's minimally invasive stroke treatment and prevention products 
worldwide. The round was led by JAM Capital Partners and MicroPort with 
participation from Agate JT, RocSon Medtech Fund and existing investors.
    The proceeds will be used to develop a commercial presence in the U.S. 
ahead of regulatory approvals, expanding the Company's sales and marketing 
efforts in Europe, as well as the development of additional innovative 
products. In addition, the funding will be used to support the completion of 
TIGER IDE study in the U.S., which has been successfully enrolling patients 
since May 2018.

    "Rapid Medical's game changing technology should significantly improve 
stroke treatment and meaningfully expand the size of the market by offering 
endovascular care to areas in the brain that cannot be treated with the 
technologies currently on the market. We are encouraged by the success to date 
and look forward to helping the management team build a world-class company," 
said John McCallum, Managing Partner at JAM.

    In addition, Rapid Medical and MicroPort have entered into a partnership 
granting MicroPort the marketing rights for Rapid Medical's TIGERTRIEVER and 
COMANECI products in China. Mr. Bruce Wang, the new director designated by 
MicroPort stated, "We are very pleased to partner with Rapid Medical to bring 
their premier products to the Chinese market and look forward to substantial 
advancements in endovascular stroke care."

    "This financing round speaks to the potential impact of our products and 
technology for stroke patients. This financing will enable Rapid to continue to 
build our commercial footprint and solve unmet clinical needs," commented Ronen 
Eckhouse, CEO and co-founder of Rapid Medical. "We are delighted to have high 
quality new investors joining us and are excited about the partnership with 
MicroPort in China."

    As part of the financing round, John McCallum and Bruce Wang will join 
Rapid Medical's board of directors. 

    Lincoln International served as exclusive placement agent for Rapid Medical 
in the financing.

    About Rapid Medical

    Rapid Medical is developing game-changing devices for endovascular 
treatments. Rapid Medical is the maker of TIGERTRIEVER, the first-ever 
controllable, fully visible stentriever that is designed to treat ischemic 
stroke patients, and, COMANECI, the first-ever controllable aneurysm 
neck-bridging device. TIGERTRIEVER and COMANECI are CE marked for use in 
Europe. More information is available at

    Michal Shriki, CFO

    Source: Rapid Medical