Ornim, maker of a noninvasive patient blood flow monitoring system, closed an initial $20 million Series C round. The funding will help the company commercialize its product in Asia, as well as in the U.S.
The FDA-cleared c-FLOW monitoring system is the company’s lead product. It provides real-time, continuous monitoring of patients’ perfusion, or blood flow, measurements to the brain and other tissues. The device is based on Ornim’s UTLight technology, which uses near-infrared light and ultrasound to nonivasively measure changes in cerebral blood flow and blood flow to muscle tissues.
Tracking cerebral blood flow measurements is a major factor in surgeries that require general anesthesia as well as in treating patients at risk of cerebral blood flow changes, such as stroke, cerebral edema and traumatic brain injury. By continuously providing measurements, c-FLOW can enable clinicians to plan interventions early enough to minimize or ward off brain injury, thus improving outcomes and reducing costs.
LongTec HongTao China Ventures led the round, while existing investors OrbiMed and GE Ventures also participated. The company anticipates an additional investment of up to $10 million, according to the statement. OrbiMed previously led a $10 million financing round in 2014.
“LongTec's extensive expertise in developing and commercializing medical technologies in China and throughout Asia will greatly accelerate our current efforts in expanding our global market opportunity,” said Ornim CEO Israel Schreiber. While the company expands its U.S. presence, it is also seeking a China FDA nod for the c-FLOW system. Schreiber expects to hit the Chinese market in 2017 following clearance.
- here's the statement