CardioDex founder Dr. Shimon Eckhouse also founded Syneron Medical.
Sources inform ''Globes'' that CardioDex, which develops disposable solution for the closure of arterial access sites following cardiac catheterization procedures, is negotiating its sale to one of the world’s leading medical equipment manufacturers for over $100 million. The buyer is apparently either Boston Scientific Inc. (NYSE:BSX) or Johnson & Johnson (NYSE:JNJ).
CardioDex CEO Noam Mizrahi declined to comment on the report.
If the sale goes ahead, it will be one of the most impressive exits by in Israel’s life sciences industry is many years. CardioDex was founded in 1999 by Dr. Shimon Eckhouse, who serves as its chairman. Exckhouse is the founder of Syneron Medical Ltd. (Nasdaq:ELOS). CardioDex’s investors include Israel Healthcare Ventures Ltd., which also invested in Syneron; Ofer Hi Tech; Azritech; and former Syneron CEO Moshe Mizrahi.
CardioDex’s product is targeted for the cardiac catheterization market. Two companies currently operate in this market, estimated at $470 million a year. Based in Tirat Hacarmel, CardioDex has raised $6 million since it was founded, and has 13 employees.
Published by Globes [online], Israel business news - www.globes.co.il - on November 14, 2005