Endoron Medical raises $10 Million in Series A funding led by Sofinnova Partners to accelerate the validation of its AAA EndoStapling solution Aortoseal

Tel Aviv, Israel, July 9, 2024– Endoron Medical (“Endoron”), a pioneering medtech company specializing in innovative endograft stapling solutions for the endovascular repair of abdominal aortic aneurysms, announced the successful closing of its$10 million Series A funding round. The round was led by Sofinnova Partners, with significant matching contributions from the European Innovation Council Fund (EIC Fund).

The capital received will accelerate the clinical validation of Endoron’s flagship product, the catheter-based EndoStapling solution Aortoseal, as it progresses through its Investigational Device Exemption (IDE) approved Early Feasibility Study (EFS).

"Sofinnova Partners are the go-to investors within medtech. They bring a wealth of operational experience working with high-growth companies like ours," said Ronit Harpaz, co-founder and CEO of Endoron. "With their continued support, I am confident we will reach key clinical and regulatory milestones as we advance our EndoStapling technology towards the clinic. The EIC’s participation further solidifies our commitment to bringing this innovative solution to the European market."

Endoron is at the forefront of developing advanced technologies for the endovascular repair of abdominal aortic aneurysms (AAA). Its technology addresses the critical challenges of sealing and securing endografts used in minimally invasive AAA repairs, particularly in complex procedures. Endoron’s innovative stapling mechanism ensures complete sealing of endografts while securely anchoring them, preventing long-term migration and endoleaks, thereby reducing the need for highly invasive, high-mortality open surgeries.

“Endoron is a clear example of Sofinnova Partners MD Start’s acceleration strategy which identifies promising innovation at the earliest stages and provides capital as well as operational expertise via our team of serial entrepreneurs. We believe that Endoron’s innovative EndoStapling has the potential to revolutionize endovascular repair of AAA, and we are excited to support them in their journey,” said Cécile Dupont, Partner at Sofinnova Partners' medtech accelerator, MD Start.

Svetoslava Georgieva, Chair of the EIC Fund Board, said: “We are very happy to participate in this funding round for Endoron. EIC Fund’s investment will help them advance their endovascular repair solution and reduce complications and reinterventions for patients.”

With the successful completion of this funding round, Endoron is well-positioned to capitalize on the growing market opportunity to drive innovation in endovascular care. The company remains committed to advancing endovascular repair solutions to improve patient outcomes.

About Endoron Medical

Founded in 2019, Endoron Medical was established by a team of experts with extensive industry expertise and entrepreneurial experience. The founding team includes Ronit Harpaz, an Elite 8400 member and former CEO of Bendit Technologies; Prof. Ron Karmeli, a world-renowned vascular surgeon; and Eyal Teichman, a mechanical engineer with over 30 years of R&D experience. Together, they are committed to advancing endovascular repair solutions to improve patient outcomes.

For further information, visit Endoron Medical.

About Sofinnova Partners

Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.

Founded in 1972, Sofinnova Partners is a deeply-established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.8 billion under management. For more information, please visit: www.sofinnovapartners.com.

About the European Innovation Council Fund (EIC Fund)

The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as investment adviser to the EIC Fund.

The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.

The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries. For more information, visit EIC.

For further information:

Ronit Harpaz

CEO & Co-founder

Ronit@endoronmedical.com