Investment fund Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA) is to invest a further $1 million in Ness Neuromuscular Electrical Stimulation Systems Ltd., which develops and markets devices for therapeutic manipulation of paralyzed limbs. Ness Neuromuscular currently markets its flagship product, The “Ness H200” (formerly The “Handmaster”), and hand-forearm orthotic appliance in the US and Netherlands. The additional funding from Teuza will be used to develop a similar device for therapeutic use on other limbs.
According to figures released by IVC, Teuza has invested $3 million to date in Ness Neuromuscular (excluding the latest investment) and holds a 30% share in the company. Ness Neuromuscular’s other shareholders are BG Negev Technologies & Applications Ltd. (University of Ben Gurion Technology Transfer Company), Johnson and Johnson (NYSE: JNJ), Dow Corporate Venture Capital , ABN Amro Capital, Life Sciences Partners, the Alfred E. Mann Investment Group and the Israel-United States Binational Industrial Research and Development Foundation (BIRD-F).
Teuza said the latest investment in Ness Neuromuscular was made possible following the decision by Alfred E. Mann to invest a further $3 million in the fund, at a price higher than the closing price on the Tel Aviv Stock Exchange (TASE) on the day the investment was transacted. It added that Mann said his investment in Teuza represented a vote of confidence in the fund’s management and board, and that he had a longstanding policy of investing in Ness Neuromuscular.
The NESS H200 system comprises a hand-forearm orthosis containing an array of electrodes, and is designed for simple and independent positioning by the patient, thus accurately placing the electrode array on the arm. The neuromuscular stimulation results in an enhancement of physiologic and metabolic activity in the peripheral nerves enabling optimal activation of the hand. The movements improve the functioning of the limb and with it, the patient’s quality of life.
Published by Globes [online], Israel business news - www.globes.co.il - on April 3, 2006
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