Funds will advance the clinical testing of Discure's breakthrough device for degenerative disc disease
PETACH-TIKVA, Israel, Sept. 10, 2024 -- Discure Technologies Ltd., developer of the Discure System, a bioelectronic implantable device for the treatment of degenerative disc disease (DDD), announced today that the Company has secured $11 million in an oversubscribed Series A financing round, following a SAFE (Simple Agreement for Future Equity) raise of $5 million, bringing the total equity financing raised to $16 million. The Series A round was led by BOLD Capital Partners, Supernova Invest and Sanara Capital, with participation from multiple US hospital networks, leading orthopedic surgeons, veteran medtech industry investors, and existing investors, underscoring their collective confidence in Discure's vision, strategy, innovative solution and the significant market opportunity.
"We welcome our new partners and investors to our existing investor group. The SAFE allowed us to complete development of the Discure System, as well as successfully complete our comprehensive pre-clinical program, adding studies in large animals and human cadaveric discs, thereby setting the stage for this successful Series A round. This latest investment will accelerate our growth, allowing us to make key hires and fully fund our First-in-Human clinical study in Canada and Italy," said Yuval Mandelbaum, CEO, Discure Technologies. "The investment validates the Company's novel, minimally invasive approach to reverse disc degeneration, shifting the paradigm from symptom management to addressing the problem by regenerating the disc."
"We are excited to invest in Discure's Series A financing," said Neal Bhadkamkar of BOLD Capital Partners in California, USA. "We focus on companies using cutting edge technology to solve problems that impact people's lives. DDD and its accompanying back pain are a natural result of aging. It is bad for the person suffering from it and it is bad for the economy in terms of lost workdays. Discure is the first company we have seen with an approach that has the potential to not only alleviate the pain but also reverse the underlying disc damage causing the pain. Just as important, we were impressed by the expertise, focus and dedication of the Discure team and are honored to back them in this journey."
"Discure is the only medical device company that has demonstrated a clear focus on addressing the underlying cause of DDD. We firmly believe that the technology's capacity to treat patients at an earlier stage, thereby avoiding the necessity for aggressive surgical procedures, will make a tangible impact. We are delighted to be joining the existing shareholders in supporting this excellent company and team" added Pascal-André Chenal, Investment Director at Supernova Invest, France.
About Low Back Pain and Degenerative Disc Disease
Low back pain is the leading cause of disability globally, the second most common reason for physician visits in the U.S., and accounts for economic losses in excess of $100 billion annually in the U.S. alone. Degenerative disc disease (DDD) is associated with over 35 percent of all low back pain cases. Current treatments for DDD include opioids, injections and invasive surgery, and are only symptom-modifying with limited long-term relief.
About Discure Technologies
Discure Technologies, founded by Rainbow Medical, is developing a minimally invasive, implantable bioelectronic device designed to treat and reverse degenerative disc disease (DDD) by actively controlling the reintroduction of fluid, oxygen, and nutrients into the degenerated disc. Unlike existing symptom-focused treatments, the Discure System has the potential to be the first disease-modifying solution for DDD, designed to reduce the use of opioids and the need for invasive back surgery.
The Company received Breakthrough Device Designation from the U.S. Food and Drug Administration in 2021 and was named "Best New Technology in Spine Care" by a distinguished panel of US orthopedic surgeons. The Company is conducting a First-in-Human clinical trial in Canada and Italy. Investors in the company include Bold Capital Partners, Supernova Invest, Sanara Capital, JJDC, UVM Health Network Ventures and VTC Ventures. To learn more about Discure, visit www.discuretechnologies.com
About Bold Capital Partners
Bold Capital Partners invests in emerging science and technology companies seeking to disrupt and democratize massive markets, creating innovative solutions to humanity's greatest challenges. It has offices in Santa Monica, California and Cambridge, Massachusetts. www.boldcapitalpartners.com
About Supernova Invest
Supernova Invest is a leading deep tech Venture Capital firm in Europe, managing €800+ million in assets. The current portfolio includes 80+ innovative and impact-driven companies that develop products and services leveraging breakthrough technologies in 4 transition-centric sectors: Cleantech, Digital, Industrial Technologies and Healthcare. www.supernovainvest.com
About Sanara Capital
Sanara Capital is a Health-Tech fund specializing in Digital Health, Bio-Convergence, and Medical Devices, with a focus on A & B financing rounds of Israeli related startups that are dedicated to improving patient outcomes and revolutionizing the healthcare industry. Sanara Capital is a follow-on fund of Sanara Ventures, a seed-stage investment platform, established in 2015, and backed by industry leaders Philips and Teva, with nearly 20 active portfolio companies. www.sanaracapital.com
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
