Israeli medical cannabis device firm Syqe Medical, which developed the world’s first selective-dose, pharmaceutical grade medicinal plants inhalers, has raised $50 million in a fresh financing round led by the Shavit Capital fund, an investment firm that backs late-stage life sciences companies,Globes reported. It is the largest financing round for an Israeli medical cannabis firm, according to the report.
Founded in 2011 by Perry Davidson, Syqe Medical’s smart devices allow for doctors to remotely administer the dosages. The inhaler utilizes selective 100 microgram dosing precision, real-time thermal and flow controllers, lung interfacing and wireless connectivity that serves physicians, researchers and health care entities. The company’s inhaler comes in two variations – one for individuals and one for medical institutions. The hospital version, named Syqe Inhaler Exo, consists of selective-dose cannabis inhaler for professional healthcare use, featuring a caregiver interface.
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Syqe Medical made headlines in 2016 after signing a cooperation agreement with Teva that ensured the exclusive marketization and distribution of the company’s inhaler in Israel. And the Syqe inhalers have been used for more than a year at Haifa’s Rambam Hospital with the approval of the Health Ministry, making it the first hospital in the world to prescribe cannabis as a standard medical treatment.
The latest funding round brings the total capital raised by the Syqe Medical to date to $82 million.
Davidson told Globes that the new funding would allow the company to develop its inhalers for other plans, and potentially, more conventional drugs.