Ornim Inc., a developer of blood oxygen and blood flow monitors in Lod, Israel, secured $20 million in series B venture funding, the second financing cycle after initial start-up. The round was led by life sciences investment firm OrbiMed, with participants including the GE healthymagination Fund and Agate Medical Investments LP.
Ornim develops monitors focusing on regional hemoglobin oxygen saturation in the brain and blood flow in regions of skeletal muscle tissue. The company’s lead product, the CerOx monitor, uses near infrared light and ultrasound waves continuously and non-invasively, for procedures involving general anesthesia, for monitoring brain-injured patients, and during resuscitation. The CerOx monitor received FDA clearance as an adjunct monitor, as well as a CE mark in Europe.
The CerOx monitor is based on Ornim’s technology called UTLight that combines near infrared spectroscopy and ultrasound to provide a non-invasive measure of regional blood oxygen saturation and blood flow. The company says UTLight analyzes the the light speckle signal as well as the intensity of light reaching the detector. The unit connects to the patient with adhesive pads rather than invasive probes.
The technology was demonstrated in a small clinical study of 10 health volunteers, reported earlier this month in the journal Neurocritical Care. Proceeds from the financing are expected to be used for further development, clinical studies, international marketing, and commercialization of the CerOx monitor.
OrbiMed is an investment firm dealing exclusively in the life sciences sector, with some $6 billion in assets under its management. OrbiMed says it invests in pharmaceutical, biotechnology, and medical device companies worldwide. The GE healthymagination fund is a $250 million equity investment fund specializing in health care technology companies, including diagnostics, health care information technology, and life sciences enterprises.
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Hat tip: Fortune/Term Sheet
Image: MD4 Group/Flickr
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