Published On: Tue, May 27th, 2014

OrbiMed’s Israel Fund Invests $14 Million In Keystone Heart Ltd.

Keystone Heart has received funding from OrbiMed’s Israel Life Science Fund.

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In a Series B financial round led by OrbiMed, Israel’s developer of the TriGaurd, Keystone Heart Ltd., has raised $14 million.

The TriGuard is a cerebral protection medical device used in heart surgeries which is designed to provide full coverage to all aortic arch takeoffs. This, its makers say, minimizes the risks of cerebral damage during Transcatheter Aortic Valve Replacement (TAVR) and other cardiovascular procedures.

The Israel based Keystone Heart Ltd. Says it intends to use the funds to conduct a multi-center, randomized clinical trial in Europe. There is also a US Food and Drug Administration study in the works. Such testing is required by most countries before new surgical devices can be approved for use.

Clinical data already presented has demonstrated a significant reduction of over 60% of new brain lesion volume during protected TAVR procedures using TriGuard.

OrbiMed has an Israel fund which includes an investment provided by the Israeli government for a reported $40 million. The Israel Life Science Fund holds $222 million.

The fund invests in biotechnology, pharmaceutical, medical device and diagnostics companies at varying stages of maturity, from seed stage through growth equity.

Headquartered in Caesarea, Israel, Keystone Heart Ltd. is a medical device company which develops and manufactures cerebral protection devices to reduce the risk of stroke, neurocognitive decline and dementia caused by brain emboli associated with cardiovascular procedures.

Founded in 2004, the company currently has almost 50 employees. The startup aspires to become a world leader in medical technologies.

Based in New York, OrbiMed is a private equity and venture capital firm specializing in startups and growth capital investments. It primarily provides its services to pooled investment vehicles. It also caters to investment companies. The firm invests in healthcare, global health science industry including pharmaceutical, life science, healthcare services, biotechnology, biopharmaceuticals, diagnostics, health IT, and medical device companies. It was founded in 1989.

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