Fidmi Medical Launches U.S. Sales of Novel Low-Profile PEG Device and Raises $2.2 Million

Rhea-AI Summary

Fidmi Medical Ltd., based in Israel, has successfully completed a $2.2 million financing round and launched its FDA-cleared low-profile Percutaneous Endoscopic Gastrostomy (PEG) device in the U.S. The financing round included notable investors such as Micro-Tech Co., Ltd. and The Trendlines Group. This innovative gastrostomy device, designed for long-term nutritional support, targets a market worth $800 million. Its replaceable inner tube and stable internal bumper aim to reduce complications and healthcare costs, enhancing patient quality of life.

Positive

• Completion of $2.2 million financing round.
• Launch of FDA-cleared PEG device in the U.S.
• Partnership with Micro-Tech as exclusive distributor.
• Innovative features of the new PEG device expected to reduce complications and healthcare costs.

Negative

• None.

CAESAREA, Israel, Oct. 11, 2021 /PRNewswire/ -- Fidmi Medical Ltd. (www.fidmimedical.com) has announced completion of a $2.2 million financing round and launched its FDA-cleared low-profile Percutaneous Endoscopic Gastrostomy (PEG) device in the U.S. Investors in the round include leading medical technology company Micro-Tech (Nanjing) Co., Ltd. (688029: Shanghai), The Trendlines Group (www.trendlines.com), (SGX: 42T) (OTCQX: TRNLY), and Agriline. Micro-Tech has been named Fidmi's exclusive distributor in the U.S. (www.mtendoscopy.com) and China.

Gastrostomy tubes, which help patients receive long-term nutritional support, are typically placed endoscopically and are replaced every 3-6 months. Complications such as clogging and dislodgement are common, resulting in inadequate nutrition and medication delivery, numerous tube replacements, and hospitalizations, all at substantial cost to patients and the health care system.

Within this $800 million market, Fidmi Medical's innovative low-profile gastrostomy system can be utilized for both initial placement and replacement and is more durable and comfortable for patients. Fidmi's improved low-profile gastrostomy tube has a replaceable inner tube that can easily be changed by patients without the assistance of medical professionals and a highly stable internal bumper that is resistant to accidental dislodgement. These features are expected to result in fewer complications, reducing healthcare costs for payers and healthcare systems. The Fidmi PEGs will provide a substantial improvement in quality of life for patients and their caregivers. 

Fidmi Medical CEO Shahar Millis remarked, "We are truly excited to embark on the market entry phase for Fidmi. With FDA clearance and strategic collaboration with Micro-Tech, a leader in this field, we are well-positioned to make a real difference for people requiring long-term nutritional support."

"Together, we saw the opportunity to distribute a device that positively impacts patients and helps them get back to living their lives. We worked quickly to align on a distribution plan that allows the system to be accessible by more physicians — meeting their needs for more efficient and higher quality patient care, all while tangibly reducing the cost," said Chris Li, President of Micro-Tech Endoscopy USA. "We are proud to partner with Fidmi and applaud their success in improving patient quality of life."

About Fidmi Medical

Fidmi Medical is an Israeli medical device company dedicated to developing enhanced feeding devices that offer easy insertion, replacement, and removal. Fidmi is a portfolio company of The Trendlines Group.

About Micro-Tech Endoscopy USA

Micro-Tech Endoscopy is focused on creating top-quality products for endoscopic diagnosis, and therapeutic medical devices that allow physicians to provide the highest level of care. By partnering with doctors dedicated to innovation, Micro-Tech is committed to bringing better devices to market, with unparalleled speed, at an economical price, and without the burden of contracts.

Contact:
Fidmi Medical
Shahar Millis, CEO, Fidmi Medical Ltd.
info@fidmimedical.com
+972-77-3628362

Micro-Tech Endoscopy USA, Inc.
Stephanie Reynolds / Emmie McMinn
stephanie.reynolds@trailrunnerint.com
emmie.mcminn@trailrunnerint.com

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SOURCE Fidmi Medical Ltd.

FAQ

What is Fidmi Medical's recent financing amount?

Fidmi Medical recently completed a financing round of $2.2 million.

What new product did Fidmi Medical launch in the U.S.?

Fidmi Medical launched its FDA-cleared low-profile Percutaneous Endoscopic Gastrostomy (PEG) device in the U.S.

Who are the investors in Fidmi Medical's financing round?

Investors include Micro-Tech Co., Ltd. and The Trendlines Group.

What is the market potential for Fidmi Medical's PEG device?

The PEG device targets a market worth $800 million.

What are the benefits of Fidmi's PEG device?

The PEG device features a replaceable inner tube and a stable internal bumper, aiming to reduce complications and healthcare costs.