June 8, 2023
FOR IMMEDIATE RELEASE / MEDIA CONTACTS:
– Marjie Hadad, Must Have Communication, firstname.lastname@example.org, 011-972-54-536-5220 – Scott Sloan, Unorthodox Ventures, email@example.com, +1 512-956-7740
Unorthodox Ventures Invests in Israeli Medtech Startup Exero Medical
Breakthrough xBar tech prevents life-threatening GI surgical complications
JUNE 7, 2023 — AUSTIN, TEXAS / OR YEHUDA, ISRAEL — Unorthodox Ventures, the investment firm led by contrarian entrepreneur and Big Ass Fans Founder Carey Smith, today announced it has provided bridge financing toward a series A round for medical device startup Exero Medical. The clinical stage Israeli medical device company has developed implantable technology that monitors healing after surgery, reducing life-threatening complications.
Medical advancements like the X-ray, CT scan, MRI and ultrasound changed medicine forever, allowing doctors to peek inside the human body. But until now, there hasn’t been a reliable way to monitor tissue as it heals after surgeries with many patients suffering life- threatening complications. Gastrointestinal surgeries, in particular, see up to 10% of patients develop severe complications with up to 40% of those proving fatal.
Exero Medical’s xBar technology optimizes and personalizes treatment following gastrointestinal operations. The sensor is embedded in a standard surgical drain, enabling post-op monitoring without changing the surgical or patient workflows. The technology
has been granted the U.S.Food and Drug Administration’s Breakthrough Designation for medical devices that provide more effective treatment or diagnosis of potentially life-threatening or irreversible conditions or diseases.
The xBar diagnostic system is designed to collect data and alerts medical providers to trouble early — saving lives, avoiding follow-up surgeries and shortening hospital stays.
How xBar works
During GI surgeries, part of the digestive tract is removed. A life-threatening leak at the surgical site may develop, but current tests to measure healing, like a CT, usually diagnose leaks only after serious issues have arisen.
The xBar sensor is designed to monitor physiological processes directly at the surgical site in real time, converting healing information into tangible data. Using a small wearable, that data is recorded at the surgery site and relayed to the cloud. Exero Medical’s AI algorithm analyzes this data and informs the physician.
A study on xBar’s effectiveness released in March found the technology reliably detected anastomotic leaks at least three days earlier than the current standard of care.
“Exero Medical is doing something so few other companies are doing by solving a real problem and saving lives,” Unorthodox Ventures Founding Contrarian Carey Smith said. “This breakthrough is like the X-ray of the modern era.”
Exero Medical CEO Dr. Erez Shor added, “Unorthodox Ventures is boldly investing in medical device startups that have the potential to impact millions. We welcome their expertise and assistance in manufacturing, marketing and more, as we continue to grow our business. As a new investor, Unorthodox Ventures’ investment in Exero Medical as bridge financing demonstrates the appeal of our groundbreaking technology. We’d also like to thank MEDX Xelerator, which was instrumental in the success of the news announced today.”
About Unorthodox Ventures
Austin-based Unorthodox Ventures seeks out entrepreneurs with big potential and provides far more than money. Led by Big Ass Fans Founder Carey Smith, Unorthodox Ventures is a reinvention of the broken investment process, starting with its team of experts who help entrepreneurs by providing support for everything from engineering and marketing to customer service and logistics. Learn more at UnorthodoxVentures.com.
About Exero Medical
Exero Medical was founded in 2018 by MEDX Xelerator, an Israeli Innovation Authority incubator, and Clalit Health Services, the largest HMO in Israel. Exero Medical’s goal is to provide high-quality, actionable post-surgery tissue healing that can save lives, improve prognosis and reduce cost. The company’s flagship product, xBar, which has an FDA Breakthrough Designation, is intended for the early detection of anastomotic leaks following gastrointestinal (GI) surgeries, a $2 billion market. It is currently being tested in a multi-center clinical trial. Exero Medical is backed by investments from Unorthodox Ventures, the MEDX Xelerator, Boston Scientific, MEDX Ventures, Intellectual Ventures, and CBG Group. For more information, visit ExeroMedical.com.