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news.Elron Electronic Industries has invested approximately $7 million in BrainsGate Ltd, an Israeli company that is developing implantable medical devices to treat various central nervous system related diseases.
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BrainsGate’s core technology utilizes a miniature implant which increases the brain’s blood vessel diameter and enables a controlled opening of the blood brain barrier. Following the investment, Elron will hold 20% of BrainsGate, on a fully diluted basis.
Existing investors in BrainsGate include Boston Scientific Limited, Pitango Venture Capital Fund, FBR Infinity II Ventures (a related venture capital fund) and MB Venture Capital Fund.
Doron Birger, Elron’s president & CEO said: “Our investment in BrainsGate provides us with a promising opportunity to participate in the development of its innovative technology to enable the use of a broad variety of medications and treatments for brain related diseases”.