Cathworks Announces Completion of $15.8M Series B Financing

KFAR SABA, Israel, Oct. 2nd, 2017 /PRNewswire/ -- CathWorks Ltd., a leader in the development of non-invasive FFR measurements for guiding coronary interventions, today announced the completion of a  $15.8M Series B round of financing, led by Quark Venture and Triventures. The syndicate also included Planven Investments, Pontifax, Corundum Open Innovation, and BioStar Ventures as well as a strategic investor. Cathworks' lead product is a real time, digital platform for the determination of FFR in the catheterization laboratory during procedures in under 5 minutes using standard angiographic images. The company uses a proprietary series of algorithms to reconstruct the coronary tree in three dimensions from standard angiograms and to provide the clinician with a complete FFR analysis in all visible coronary arteries simultaneously.  Cathworks technology has the potential to both disrupt the existing FFR market and to provide clinicians the capacity to integrate coronary images with lesion physiology in real time. The "functional angiography" developed by Cathworks provides clinicians, for the first time, the ability to correlate anatomy and physiology at the point of care for the purpose of performing guideline driven intervention. The present funding will allow CathWorks to conduct a global pivotal trial to support 510K FDA approval. The company received a CE Mark on its lead product earlier this year.

"FFR has become a standard in the enablement of evidence-based treatment in coronary catheterizations" said CEO and founder Guy Lavi. "We intend to make FFR accessible to more patients by facilitating its widespread application without the use of invasive wires or the infusion of adenosine. We are delighted to receive the support of such an experienced group of investors," added Lavi.

Dr. Peter Fitzgerald, Managing Partner at Triventures, an investor in CathWorks, stated: "We are enthusiastic that CathWorks' digital FFR platform can both improve patient care and reduce costs while enhancing workflow in the cath lab. By applying novel mathematical approaches to measuring flow reserve, Cathworks makes real time virtual FFR a reality." "Clinical testing in more than 400 patients has made me confident in the sensitivity and specificity of the Cathworks product as compared to wire based FFR," added Fitzgerald.

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.

About Quark Ventures
Quark Venture is focused on equity financing of innovative biotechnology and health sciences companies with breakthrough technology platforms and projects. The organization's approach is to establish long-term relationships with target companies, with a view to enable and strengthen management to realize the full potential and value of the technology. This approach has been previously successfully demonstrated in the energy and high-tech sectors where Quark Venture partners have invested. Quark Venture's management is supported by a scientific and commercial advisory board. For more information on Quark Venture visit www.quarkventure.com

About Cathworks
CathWorks is a privately-held Israeli company founded in 2013. The company develops digital healthcare products for the cardiovascular market and is focused on improving the utilization of coronary angiography data to ratify measurement-based medicine in the cath lab. CathWorks is backed by worldwide VCs as well a strategic partner and has completed two series of financing.

For further information, please contact Ilanit Frank-Hakim, [email protected]

SOURCE Cathworks Ltd.