Fidmi Medical Raises US$2 Million from B. Braun Melsungen AG
ISGAV, Israel, September 26, 2017 /PRNewswire/ —
Fidmi Medical Ltd. (“Fidmi”), a portfolio company of The Trendlines Group (“Trendlines”) (42T.SI) (TRNLY), announced that it received an investment of US$2 million from B. Braun Melsungen AG (“B. Braun”).
Fidmi Medical has developed a new, low-profile enteral feeding device (nutrition through a tube) that overcomes the drawbacks of existing solutions. Current feeding tubes are changed often due to clogging, degradation or dislodgement. The Fidmi PEG (percutaneous endoscopic gastrostomy) device has a replaceable inner tube that keeps the feeding line fresh and prevents clogging. Its soft, stable internal structure prevents unexpected dislodgements. Upon removal, the internal structure gently disassembles to eliminate damage to the stoma tract and surrounding tissue, preventing unnecessary hospital visits and dramatically improving patient quality of life.
Enteral feeding is common in people who cannot receive nutrition and medication orally. Annually, there are approximately 1.3 million enteral device insertions worldwide, and some 3 million replacement procedures for blocked or dislodged tubes. The market seeks an enhanced enteral feeding device that stays securely in place and maintains tube patency during treatment for improved patient safety and reduced hospitalization costs.
Fidmi CEO, Shahar Millis, remarked: “We believe that Fidmi’s enteral feeding tube will make a real difference to patients and caregivers. The investment by B. Braun affirms their confidence in the Company and its achievements; we’re excited to have begun human trials and soon bring our product to a market eagerly awaiting better solutions.”
Investment funds will be used to complete clinical trials and prepare for market entry.
“Fidmi Medical is a great example of a company that fulfills our mission of creating and developing companies to improve the human condition,” added Todd Dollinger, Chairman and CEO, The Trendlines Group — a major shareholder in Fidmi. “Their product truly makes a huge difference to millions of people who live with the day-to-day challenges of feeding tubes.”
“Investing in Fidmi Medical,” said Dr. Meinrad Lugan, member of the B. Braun Management Board, “is an exciting opportunity for B. Braun to contribute in easing patients’ and medical specialists’ challenges in enteral feeding, thereby not only significantly increasing patient’s comfort but also making related clinical processes safer and much more efficient. Our engagement in Fidmi, a portfolio company of Trendlines, further reinforces the successful cooperation between Trendlines and B. Braun.”
Lloyd Fishman, Chairman, Fidmi Medical, commented, “The Fidmi low-profile PEG device represents a major breakthrough for long-term enteral feeding. B. Braun’s investment in the Company validates what we believe and we look forward to bringing this exciting new product line to market.”
Shahar Millis, CEO, Fidmi Medical