MEDX Xelerator, an Israel-based medical device and digital health incubator, today announced that original portfolio company CAPS Medical, developer of a highly selective and minimally invasive non-thermal plasma device for cancer treatment, has completed a $3.5 million Series A funding round. The round will help finance the first clinical trial of CAPS Medical’s minimally invasive and selective non-thermal atmospheric plasma cancer treatment, applicable to a wide range of solid tumors types.
“CAPS was one of the first companies to join the incubator. CAPS CEO Ilan Uchitel has led his team, with the support of the incubator and its partners, to achieve all of its milestones, far ahead of schedule,” said Shai Policker, CEO of MEDX Xelerator and a CAPS Medical board member. “This has resulted in CAPS successfully raising its Series A in the midst of this particularly challenging time of a global pandemic. CAPS is a perfect example of a company that aligned with the incubator’s strengths: a bio-convergent approach to solving a complex unmet clinical need by integrating ideas from more than one scientific discipline.”
CAPS Medical’s technology was originally developed as a collaboration between Haifa’s Rambam Medical Center and The Technion – Israel Institute of Technology’s Plasma Lab. The technology was brought to MEDX Xelerator for its expertise in solving complex clinical challenges with innovative technological approaches, as well as its extensive and well-connected partner network.
Ilan Uchitel, CEO of CAPS Medical, added, “I’m delighted to receive this show of support for our solution during these uncertain times. Our treatment is designed to provide cancer patients with an alternative to the harsh effects of chemotherapy, enabling the application of selective non-thermal plasma treatment to solid tumors through existing minimally invasive keyhole surgical tools.”
The financing round was led by Chasing Value Asset Management and the Los Angeles-based Israel Investment Fund Group (IIFG). Other participants include XACT Robotics as well as the Technion Research and Development Foundation.
MEDX Xelerator continues to build its portfolio, adding new companies that are using multi-disciplinary approaches to solve complex unmet clinical challenges.