ORANGEBURG, N.Y., April 20, 2009 (GLOBE NEWSWIRE) -- MetaCure announced today that it has recently closed a new round of financing of $20 million from institutional and private investors that will provide the necessary capital for realizing its strategic plans. This transaction is part of a US$124.5 million facility that was provided to a portfolio of affiliated companies. Sarit Molcho and Amir Shavitzky of the Tel-Aviv law firm of S. Friedman & Co., represented the companies in the transaction.
The TANTALUS System, recently launched in major European markets, can provide a clinical benefit for patients with Type 2 Diabetes and other co-morbidities, such as obesity.
"This new funding coupled with the recent European commercial launch and clinical activities will provide MetaCure with a strong growth opportunity and will allow the Company to further enhance those activities," stated Dr. Irit Yaniv, chief operating officer, MetaCure.
"Establishing TANTALUS as a standard of care for diabesity," said Shai Policker, vice president of business development, MetaCure, "requires a sales force that can address the needs of diabetologists, family practitioners and internists, while providing high quality surgical training in centers of excellence. These additional resources will facilitate these market development efforts. MetaCure continues its search for a strategic partner that will enable wide market access and/or expand product proposition."
About MetaCure
MetaCure, with offices in U.S., Germany and Israel, is a pioneering medical device company focused on the development and commercialization of TANTALUS, a revolutionary implantable device for the treatment of type 2 diabetes and related metabolic conditions. MetaCure is a leader in the emerging field of interventional diabetology which explores minimally invasive procedures and devices for aggressive glucose control and weight loss. Additional information can be found at www.metacure.com or www.metacure.de.
Forward-Looking Statements
This press release contains forward-looking statements about MetaCure, including projections about its business and the diabetes market. Those forward-looking statements are not guarantees of future performance and actual results could differ significantly.