Beta-O2 Completes $2 Million Seed Round Led By Vitalife.Business Editors/Health/Medical Writers TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--March 8, 2004 Beta-O2, the medical device biotechnology company, announced the completion of a $2 million seed financing round. Vitalife, the Israeli life sciences venture capital fund, led the round in which Heznek, the seed fund of the government of Israel, also participated. This is the first joint investment of Vitalife and Heznek. Beta-O2 develops technology to supply oxygen to transplanted cells. The first application of this technology will supply oxygen to islet cells islet cell n. One of the endocrine cells making up the islets of Langerhans. , which are transplanted into diabetics who require insulin insulin, hormone secreted by the β cells of the islets of Langerhans, specific groups of cells in the pancreas. Insufficiency of insulin in the body results in diabetes. Insulin was one of the first products to be manufactured using genetic engineering. for day-to-day functioning. Beta-O2, was established by senior scientists, from the biology and medical fields together with entrepreneur Yossi Gross. The CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the company is Chanan Schneider, who previously managed the investment department at Discount Capital Markets. Chanan Schneider, CEO Beta-O2 said: "The challenge of supplying oxygen to transplanted cells has not been solved until now. The technology developed by Beta-O2 proves that a solution can be found. The investment by Vitalife and Heznek in Beta-O2 is a vote of confidence in the technology, as well as Beta-O2's ability to commercialize it. This funding will enable the company to continue developing its proprietary technology and commence trials." Jeff Dykan, Managing Partner of Vitalife, said: "Beta-O2 is a winning combination of unique technology, tremendous market potential as well as an experienced and expert team of entrepreneurs, managers and employees having the talent and vision to create a world class success." Beta-O2 has recently commenced operations. The company is recruiting employees, in the fields of biology and oxygen, and will establish offices in Kiryat Ariyeh, Petach Tikva. About Vitalife Vitalife, a life sciences venture capital fund, invests in Israeli and Israel-related companies in the fields of medical devices, drug discovery, drug delivery and bio-informatics. Vitalife's global investors include HarbourVest Partners, SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. Private Equity Partners, Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, , Discount Capital Markets and Temasek. The fund's managing partners are Dr. Avi Dr. Avi is currently working on a few new musical projects which will hopefully be released in the coming months. The "Doctor Avi Show" has been long since taken off the air due to old radio politics. Ludomirski, an acknowledged expert in several medical areas and a successful businessman, and Jeff Dykan, a highly experienced business manager who has worked in senior positions at top global companies. For further information, visit: www.vitalifevc.com. NOTE TO EDITORS: The "2" in "Beta-O2" is subscript (1) In word processing and scientific notation, a digit or symbol that appears below the line; for example, H2O, the symbol for water. Contrast with superscript. (2) In programming, a method for referencing data in a table. . It has been changed for transmission purposes only. |
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