Kfar Saba, Israel, September 24, 2017 Colospan Ltd., a company developing innovative solutions for colorectal surgery, announced it has raised $7.7 million in a financing round led by Triventures and a strategic medical devices company. Existing investors, AMIT (The Alfred Mann Institute at the Technion), Docor BV and Anatomy Medical Technology Fund also participated in the round.
Colospan’s lead product, CG-100, is an innovative, alternative approach to diverting stoma which is the current standard of care for patients undergoing colorectal surgery. Colospan’s solution addresses the most devastating, feared and common complication in colorectal surgery – anastomotic leaks. When a leak occurs, fecal content can enter the abdomen cavity with potentially catastrophic effects to the patient. In comparison to the standard of care preventive measure, a diverting stoma, which is deployed on average for 4-6 months and requires a second surgery for removal, CG-100 is expected to be deployed for 10 days and easily removed without the need for surgical intervention.
The company also reports on the results of its first clinical trial which included 60 patients who participated in a prospective, multi-center, single arm, open label study to evaluate safety, tolerability and performance profile of the CG-100. The device was inserted, remained in place with no migration and removed successfully in all of the patients. The rate of anastamotic leak (clinical and radiological) was 5% (compared to 10-12% leak rate expected in this type of patients). The data are encouraging and support the company’s thesis that CG-100 may reduce contact between fecal content and the anastomosis site following colorectal surgery and in turn reduce the risk of complications generally associated with such procedures.
“We are very happy with the successful results of our first clinical study” said Colospan founder and CEO, Mr. Boaz Assaf. “The encouraging feedback we are receiving from the surgical community confirms that our solution has the potential to transform the standard of care for patients undergoing colorectal surgery and improve both clinical and financial outcomes. Moving forward with the new financing Colospan plans to launch its pivotal trial towards FDA approval. Expanding on its existing CE Mark, the company also intends to initiate commercial sales in 2018.”
“We are honored to partner with Colospan, said Michal Geva, Managing Partner of Triventures. “The company has correctly identified that in order to successfully introduce a new medical device into the market, the solution must address the needs of all key stakeholders – patients, payors/providers and physicians. Under Boaz Assaf’s dedicated and focused leadership, Colospan is developing a meaningful solution with the potential to disrupt the colorectal surgery space. “.
About Colospan
Colospan Ltd., is a clinical stage medical device company focusing on the development of novel and proprietary solutions for colorectal surgery. The company is dedicated to addressing the profound clinical and economic pains associated with anastomotic leaks, the first and foremost challenge in colorectal surgery. Colospan’s lead product, CG-100, intends to offer a safe, effective alternative for the ostomy pouch, to improve medical procedures, reduce health risks and enable patients to maintain dignity post-surgery. Colospan’s team consists of seasoned professionals in marketing, sales and development of surgical devices for colorectal surgery, supported by a of key opinion leaders (KOLs) from Europe and the United States. Colospan holds a CE mark for gastro-intestinal devices as well as ISO 13485 certification.
About Triventures
Triventures is a venture capital fund that invests in disruptive medical device and digital health companies that impact the quality and cost of healthcare. Triventures supports ventures in areas such as big data, artificial intelligence and cyber security for healthcare as well as medical device companies in a wide variety of fields. The fund is based in Tel Aviv and Silicon Valley and has strong partnerships with medical device manufacturers, healthcare providers and consumer electronics companies which enable it to contribute significant value to its portfolio companies when commercially integrating into markets.