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Notal Vision announces Completion of $4 million follow-on financing round by Elron and Jerusalem Global Ventures’ Life Sciences Fund, InnoMed (Jerusalem, Israel: January 27, 2003) Dr. Barak Azmon, CEO of Tel Aviv based Notal Vision Ltd., announced today the successful completion of a $4 million follow -on financing round by Elron Electronic Industries Ltd (NASD:ELRN) ("Elron"), InnoMed- the Life Science Fund of Jerusalem Global Ventures and, a group of private investors. Elron is an investor in JGV/InnoMed. The company’s initial financing round, in which JGV/InnoMed was the sole investor, was in May 2001. Notal Vision’s first product, Preferential Hyperacuity Perimetry™ (PHP™), is the first comprehensive diagnostic solution for the early detection and frequent monitoring of Age-Related Macular Degeneration (AMD). AMD is the leading cause of blindness in the Western World. Sixteen million patients in the US alone suffer from the early, subclinical form of AMD, and 1.5 million are legally blind as a result of advanced AMD. Early detection of AMD is critical to halt or slow the disease’s deleterious effects. The current therapeutic window for treating wet AMD is extremely brief, numbering days to weeks. Notal Vision’s innovative diagnostic solution, the PHP, provides an answer to the surging need for early detection and frequent monitoring of this condition. In January 2003, Notal Vision signed an agreement with Carl Zeiss Meditec Inc., one of the leading manufacturers of professional optics equipment, for the marketing and distribution of the PHP. Doron Birger, President & CEO of Elron noted that "the combination of the real market demand for Notal Vision's solution together with Notal 's unique technology and strong research team presents an exciting opportunity for Elron. We hope that the strategic alliance with Carl Zeis Meditec, Inc will assist Notal's PHP in becoming the gold standard in the industry" Dr. Dalia Megiddo, Managing Partner in InnoMed, commented, ”Notal Vision's solution will significantly change the lives of the many millions whose eyesight will be saved by early diagnosis . Dr. Azmon and Dr. Alster- the founders of Notal Vision are visionary clinicians and outstanding entrepreneurs who have already made an impact in the growing field of AMD.” Shlomo Kalish, Founding Managing Partner of JGV said “the new funds will enable the company to start shipping products and develop the next products already on the drawing board. Notal is quickly becoming the gold standard in AMD detection and monitoring, something that can bring the light to millions world wide” Notal Vision: Notal Vision is a developer of solutions for the ophthalmic industry. Notal Vision’s first product, Preferential Hyperacuity Perimetry™ (PHP™), will enable doctors to offer their patients a simple examination for early detection and monitoring of AMD. The Tel Aviv based company was founded by Dr. Barak Azmon and Dr.Yair Alster. Elron: Elron, listed on the NASDAQ Stock Exchange and the Tel Aviv Stock Exchange, is a high technology operating holding company primarily concentrated in the fields of defense electronics, information technology (IT) software products and services, communication, medical devices, semiconductors and amorphous metals. InnoMed Ventures: InnoMed is the life science fund in the Jerusalem Global Ventures group of funds, managed by Dr. Dalia Megiddo. Jerusalem Global Ventures - Funding Exceptional Entrepreneurs : Jerusalem Global Ventures is an Israeli venture capital fund that invests in seed and early-stage communications, information technology and life sciences companies. JGV manages $190 million in capital for investment in exceptional entrepreneurs. JGV’s investors include many of the world’s leading high-tech companies and financial institutions, as well as individual executives from premier firms. JGV’s investors include Agilent Technologies, AOL/Time Warner, Bank of America, Bausch & Lomb, China Development Industrial Bank, Comverse, Conexant, Itochu Techno-Science, JDS Uniphase, Motorola, NDS, and Telecom Italia Lab. Executive investors include Atiq Raza, Haim Saban, and Andrew Viterbi . Back to Press Releases |
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