Lifebond

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LifeBond Raises $8m in Second Financing Round

The financing round of the biosurgery device company was led by Pitango Venture Capital and the investor Mr. Robert Taub. Also participating in the round were existing investors: GlenRock Israel and The Zitelman Group. LifeBond CEO, Ishay Attar said "Closing this significant financing round from such prominent investors in the current financial environment is a testament to the potential of LifeBond”.

The start-up company LifeBond, which is developing a line of products in bio-surgery, has raised $8 million in a second financing round. This financing round was led by Pitango and Mr. Robert Taub, founder and former CEO of Omrix Biopharmaceuticals (recently acquired by Johnson & Johnson). Also participating in the round were existing investors: GlenRock Israel, Leon Recanati’s investment company, and The Zitelman Group, an American financial group headed by Rick Zitelman. Following this financial round, Taub and Ittai Harel, a Partner at Pitango, will join the Company’s Board of Directors.

LifeBond is developing surgical sealants and hemostats intended for preventing leakage and bleeding. Proceeds from the round will be used for the completion of the pre-clinical and clinical phases of the Company’s initial product: LifeSeal SLR, a sealant indicated for reinforcement of gastro-intestinal anastomoses. Post-surgical leakage from anastomoses is currently a significant risk factor that can result in life threatening complications and costly re-operations. In certain surgical procedures the risk of leakage is up to 15% of overall procedures.

LifeBond anticipates that LifeSeal SLR will reach the market in 2011, pending regulatory approval in the U.S., Europe and Israel. In addition, the company will continue to develop its bleeding control product which is based on the same platform technology.

LifeBond CEO Ishay Attar said "Closing this significant financing round from such prominent investors in the current financial environment is a testament to the potential of LifeBond’s technology and market. Surgical teams are actively seeking innovative wound closure products with improved performance and ease-of-use to seal surgical staple-lines and stop severe bleeding, thus reducing risk to patients. We are looking forward to using the proceeds provided by this round to bring our first products to market as early as possible and with this, to significantly improve surgical care.”

Ittai Harel, a Partner at Pitango who will join the company’s Board of Directors added: “LifeBond’s founders, Ishay Attar and Orahn Preiss-Bloom, are talented entrepreneurs who are pursuing the development of an innovative family of products based on a novel technology platform capable of addressing an unmet need in the surgical sealant and hemostat markets. Pitango chose to lead this current financial round based on the Company’s impressive achievements to date, the market potential of its future products, and it’s high quality of management. I look forward to working together with management and the Board of Directors in our efforts to achieve the technological and commercials objectives of the company.”

Ziv Kop, a Partner and Director at GlenRock, said: “We initially funded LifeBond, together with The Zitelman Group, right at the beginning of the Company’s activity. We are pleased by the company’s development and believe in its great potential. The addition of Pitango, Israel’s largest venture capital fund, and Mr. Robert Taub, who brings with him significant experience in LifeBond’s field, is a significant milestone for the company.”

About LifeBond:

LifeBond is developing a line of biosurgical products for prevention of surgical leakage and bleeding. The company was founded in 2007 by LifeBond CEO, Ishay Attar, who previously served as the VP of Misgav Venture Accelerator, LifeBond VP Operations, Orahn Preiss-Bloom, who conducted biomaterial research at the Technion and Columbia University, and Nir Mashkif. The company received seed funding from the Trendlines Israel Fund, followed by a $1.5M Round A financing round led by GlenRock Israel. The Company’s headquarters is located in Caesarea Industrial Park. More on LifeBond: www.life-bond.com

About Pitango:

Pitango Venture Capital, the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Israel and Silicon Valley, California, Pitango currently manages several venture funds totaling over $1.3 billion in committed capital invested in more than 100 companies. Pitango invests in high-growth companies in various stages, from seed and early stages to growth and late-stage, and supports them as they grow. Pitango’s investment focus includes: Communications; Networking & Storage; Wireless, Cellular and Mobile technologies; Enterprise Software, Internet and Media; Healthcare & Life Sciences, and Clean Technologies.