Elron Electronic Industries Ltd. (TASE & NASDAQ: ELRN), a member of the IDB holding group,announced today that it has completed a new investment of $5 million in Neurosonix Ltd. out of an aggregate financing round of $12 million, led by Elron, with the participation of Evergreen, a new investor in the company, and existing shareholders, Peregrine and Ofer Hi-Tech, also participated. Neurosonix, based in Israel, is engaged in the development and commercialization of medical devices for the prevention of acute cerebral embolism during open-heart cardiac surgery as well as other invasive and minimally-invasive procedures. The company’s proprietary technology, which is based on ultrasound, enables a non-invasive deflection of embolic material flowing inside the body, away from the cerebral arteries, thus protecting the brain. During 2005, Neurosonix was commended for outstanding achievements among the projects in Israel´s technological incubators.
As a result of Elron´s aggregate investment, Elron will hold approximately 18% of Neurosonix on a fully diluted basis.
Doron Birger, President & Chief Executive Officer of Elron commented: "Neurosonix offers a real breakthrough in brain protection during cardiovascular surgery, innovatively using ultrasonic technology for embolism diversion. We are confident that Neurosonix´ seasoned management team, as well as its financial resources, will enable the company to lead this field in the future".
Dr. Ronit Bendori, senior partner at Evergreen, said that “Neurosonix´s Emboic protection device, the EmBlocker™, is intended for millions of heart disease patients worldwide in need of Cardiac surgeries procedures and can save the lives of many. We believe that Neurosonix answers in the best way an urgent and painful need in the cardiovascular market.
