PolyTouch Medical raises US $830k in private financing round

PolyTouch Medical Ltd., a leading developer of laparoscopic soft tissue prosthetic placement technologies, announced today that the Company has raised US $830k in a private financing round.

PolyTouch has developed PatchAssist(TM), a laparoscopic surgical instrument commercially available in the US that enables accurate, rapid delivery and precision placement of soft tissue prosthesis for a variety of soft tissue repair procedures, including laparoscopic ventral hernia repair (LVHR).

In June, 2010, PolyTouch received broad FDA 510(k) clearance to commercialize PatchAssist(TM). PatchAssist(TM) is a standalone surgical device that is compatible with all commercialized soft tissue prosthetics. PatchAssist(TM) enables surgeons to rapidly deliver and position soft tissue prosthetics over the defect potentially reducing operation time by 30% - 50%.

"We are pleased to attract new investment internationally, from both Israel and the US," stated Ofek Levin, PolyTouch Medical's CEO. The funds from the current financing round will enable us to proceed rapidly to post-market clinical studies as well as to kick off the PatchAssist(TM) regional market roll-out."

Among PolyTouch's new investors is Mass Medical Angels (MA2), an angel investing group consisting of leading life science professionals from Boston and the surrounding area. During an extensive diligence process led by key members, Mass Medical Angels consulted with a variety of industry experts, including its own members, resulting in a unanimous endorsement of PolyTouch and its work.

"It is exciting to invest in PolyTouch and be part of their important work in improving and expediting hernia repair procedures with this ingenious mesh placement device. We are optimistic that the commercially available PatchAssist device will become the new standard for minimally invasive hernia repair." said MA2 executive director Richard Anders.