Panakès and Invitalia Ventures have co-led an investment round in Echolight, an innovative SME operating in the “medtech” sector, that has been established in 2010 as a Spin-off of the CNR of Lecce. Echolight has developed EchoS, the first non-invasive technology for early diagnosis of osteoporosis disease. This technology may exceed the existing gold standard, currently represented by the X-Ray diagnosis. The EchoS device has been patented at national and international level and received the ISO and ECmark certification.
EchoS is capable to combine the advantages of the two current main technologies, DXA and QUS: it is radiation free, it can assess the bone quality, it is low cost and it does not require any certified operator and axial sites (spine and hip) assessment. It also offers an extremely user-friendly software that allows doctors to conduct diagnosis in a few minutes and improve clinical assessments. The founding team of Echolight has an extensive experience in the ultrasound bone densitometry. Previously Echolight has already received a Seed investment from Life Sciences Capital S.p.A, a venture capital investment vehicle established in 2005 with the aim to invest in the Italian health sector with a focus on the medical technologies.
“The new funds available will allow the diffusion of our technology and the establishment of EchoS as a new reference for people affected by the osteoporosis disease, who will have an easy access to the diagnosis, now available also at primary care, and to the treatment of this “silent” disease that remains hugely underdiagnosed. We will support in this way the prevention and reduction of the invalidating bone fracture events, with significant cost savings for the health care system and important improvements in the care delivery and patient quality of life” enthusiastically commented the president and co-founder of Echolight, Sergio Casciaro.
Fabrizio Landi, founder and General Partner at Panakes, declared: “Echolight has developed a next generation ultrasound echo-based bone densitometer that makes early detection and more accurate monitoring of osteoporosis, directly on the more important points, spine and hip. The non-invasiveness may be the key advantage to spread the diagnostics earlier, as it was the case for echography in the past as a replacement of x-ray in other applications.”
“We are proud to invest in Echolight together with Panakès, because it is a startup of unquestionable value. The technology for the diagnosis of osteoporosis – the disease that affects more than 300 million of people worldwide – will have a huge impact through its accessibility, disease prevention and earlier diagnosis, with the reduction of the waiting list (that today can be up to 1,5 year in Italy) and a cost reduction to around two third. These advantages will then offer a strong contribution to the healthcare system sustainability” stated SalvoMizzi,CEOInvitalia Ventures.