NEW YORK, Feb. 17, 2020 (GLOBE NEWSWIRE) — Apos Medical Assets Ltd.—a global medical device company operating in the US, UK, and Israel —announced today that it has raised $11 million in a new round of funding. The funding comes predominantly from current investor aMoon, company insiders, and directors.
“AposTherapy® has entered into an exciting phase with double digit quarter over quarter growth and a management team focused on increasing distribution, payer coverage, and bringing enhanced products and capabilities to the market,” said Joseph Mark, Chair of the Board of Directors.
This new funding round will be used to support the rapid expansion into new territories with increased sales capabilities, account management expertise, and direct to consumer marketing. Funding will also support R&D into the next generation AposTherapy® device with built-in sensor technology delivering real-time biometric data to the cloud, upgraded clinical tracking systems supporting customers, behavior modification technology, and enhanced business intelligence to manage the company’s increasingly sophisticated data sets.
“This funding round is a continued validation of our success in creating value for payers, new treatment options for providers, and solutions for patients living with musculoskeletal pain. AposTherapy decreases knee pain, improves function, and is a potential alternative to invasive surgery for people with knee osteoarthritis, and is used as part of a healthy lifestyle in patients suffering from chronic back and hip pain,” said Apos Medical Assets Ltd CEO and President Cliff Bleustein. “With rapid expansion and growth in existing and new territories including New York, New Jersey, Puerto Rico, California, Massachusetts and Pennsylvania, AposTherapy® is poised to have a breakthrough year in 2020.”
AposTherapy® is an innovative, FDA-cleared, temporary treatment for knee osteoarthritis, while qualifying as a non FDA-cleared wellness device for use with other musculoskeletal conditions such as low back pain. AposTherapy® works on biomechanical and neuromuscular levels, combining a foot-worn patented medical device with a treatment program. The treatment addresses the underlying causes of pain by shifting pressure away from painful areas and providing a long-lasting neuromuscular effect by re-educating muscles to a healthier walking pattern, even when not wearing the device.
By improving body mechanics and muscular coordination, AposTherapy® has shown in extensive clinical research that patients can achieve significant pain relief as well as an improvement to their daily function and quality of life.
For original GlobeNewswire press release, please see here.