Mid Atlantic Bio Angels Initiates Second Investment Pool and Makes Inaugural Investment in POP Medical Solutions, Ltd.
| Source: Mid Atlantic Bio Angels
NEW YORK, March 13, 2018 (GLOBE NEWSWIRE) — Mid Atlantic Bio Angels (MABA) announces today the initiation of a second closed-end investment pool (Pool II) funded by current, active MABA members, and the inaugural investment from that pool made into Israel-based POP Medical Solutions Ltd., which focuses on the treatment of pelvic organ prolapse (POP).
MABA’s initial investment pool (Pool I) was initiated in mid-2016 and was fully invested within 18 months of its creation. This pool invested in several companies, including GenPro, Forge Life Sciences, New View Surgical and Elysium Therapeutics. MABA’s second pool is twice as large as Pool I. In addition to the investment made by Pool II, multiple individual MABA members made their own investments into POP Medical.
“Pool I became fully invested more rapidly than we expected, and there was overwhelming internal interest among the MABA angels to fund the second, much larger, Pool II” said Yaniv Sneor, a MABA co-founder and president of Blue Cactus Consulting. “POP Medical makes a perfect first investment for Pool II as it fits the criteria of a typical MABA company. It has a strong and capable team, headed by CEO Deborah Garner, and is bringing a superior, less invasive product to market, from which a large number of patients will be able to benefit – hopefully, in the very near future.”
POP Medical has developed and received FDA clearance for NeuGuide™, its product for the treatment of pelvic organ prolapse (POP). POP is a very common yet quite painful and bothersome condition facing women that occurs when the normal support of the vagina is lost, resulting in the sagging of the female pelvic organs. NeuGuide is a minimally-invasive, meshless and dissectionless surgical system that is much less traumatic than existing solutions. The surgery is conducted with no dissection, no mesh and no overnight hospital stay. The device itself is a combination of a Nitinol-based anchor, surgical sutures and an innovative method of attachment. NeuGuide was tested in a 15-patient trial in Israel and US physicians are gaining experience with NeuGuide now in a post-marketing study.
“POP is excited to have the Mid Atlantic Bio Angels as partners in its Round A financing and to have MABA Founder Bernie Rudnick join POP’s Board of Directors. We look forward to leveraging the vast healthcare knowledge and experience of the MABA investors as we build POP’s commercial organization in the US,” said Deborah Garner, CEO of POP Medical. “This $3M Round will enable POP to complete a post-marketing study, gain the European CE Mark Certification, transfer the product to mass production, and build a commercial organization in the US to launch in early 2019.”
About Mid Atlantic Bio Angels
Mid Atlantic Bio Angels (http://bioangels.net) is a group of active angel investors, which meets in New York City monthly (except July and August) solely to hear from pre-screened early-stage life science companies. MABA members consist of individuals from Delaware to Massachusetts with significant expertise and experience in the biotechnology, pharmaceutical and healthcare industries, including former and current corporate executives, doctors and Ph.D. scientists with product development backgrounds, successful medical entrepreneurs and analyst/investors focused on life sciences. MABA’s goal is to create an environment where the depth of investors’ knowledge coupled with the pre-screening of presenting companies enhances the potential for meaningful investment.