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Limber Closes $6 million financing round from Jerusalem Global Ventures (InnoMed), Gemini Israel Funds and Advent International October 2001: Dr. Dalia Megiddo, Managing Partner of InnoMed, the life sciences fund of Jerusalem Global Ventures, announced today that Jerusalem Global Ventures has led a $6 million financing round for Israel-based Limber Ltd. Participating in this investment are Gemini Israel Funds and Advent International. Limber's seed financing round was led by Gemini in December 1999. Through its use of cutting edge materials and engineering techniques, Limber is developing a new class of high-tech orthopedic devices that will significantly improve orthopedic surgery. The orthopedic implant market is currently valued at over $6 billion a year and is expected to grow annually by 8-10% as the population of Western countries ages. Amiram Steinberg, founder and CTO of Limber, said that "the participation of such leading medical device investors in Limber is confirmation that the Company has identified a range of products that will revolutionize the field of orthopedic surgery." Ron Sacher, who recently joined as Limber's CEO, commented that "this current round of financing will enable the Company to complete clinical trials, gain regulatory approvals, and begin marketing its first product for hip surgery. The Company plans to leverage its technology and enter the areas of knee, ankle, and shoulder surgery." Dr. Megiddo added that "Limber's engineering approach to this ever-complex implant field is so unique and simple that it promises to reshape the market and help the aging population maintain its health and mobility." Prof. Achi Ludomirsky, Gemini Partner responsible for medical technologies, said "Limber's solution offers a novel approach to joint replacement, which should allow the patient to resume a normal level of physical and recreational activity." About Limber: Limber Ltd. is developing a line of innovative orthopedic implants. Amiram Steinberg, a prize-winning inventor and master engineer in the field of applied materials, founded the Company in 1996. Mr. Steinberg serves as the CTO of Limber. Mr. Ron Sacher, formerly of HemoDynamics Systems, Ltd., recently joined Limber as CEO. In 1999, Gemini Israel Funds led Limber's Series A financing round. About Jerusalem Global Ventures: Jerusalem Global Ventures (JGV) is a $200 million venture capital fund, focused on telecommunications, Internet-enabling technologies and medical devices. JGV's partners have proven track records in building and managing successful high technology enterprises. Its investors include many of the world's leading hi-tech companies and financial institutions, as well as individual executives from premier companies. JGV's investors include: America Online, NDS, Comverse, Telecom Italia, Agilent Technologies, Motorola, Conexant, Bausch & Lomb, and others. Jerusalem Global Ventures has offices in Israel and the United States. Back to Press Releases |
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