NeatStich’s automated suturing device internally sutures tissues during minimally invasive laparoscopic surgical procedures.
Xenia Capital Venture Ltd. (TASE:XENA) incubator portfolio company NeatStitch Ltd. has obtained US Food and Drug Administration (FDA) marketing approval for its first product, an automated suturing device. The company also said that it was now holding a financing round at a company value of $12.5 million. Xenia owns 35% of NeatStitch.
NeatStich’s automated suturing device internally sutures tissues during minimally invasive laparoscopic surgical procedures, in which surgical devices are inserted into the body cavity through small cuts in the stomach wall. Even though the procedure involves only small cuts, these still have to by manually sutured by an experienced surgeon, and can take 10-12 minutes. NeatStitch’s device can shorten the procedure by several minutes, making its simpler and eliminates the needs for a skilled surgeon.
With the FDA marketing approval in hand, NeatStitch can initiate sales this year in the US. The company is designing more products using the same technology platform. The company says its target markets total more than $1 billion a year.
Published by Globes [online], Israel business news - www.globes.co.il - on January 18, 2007
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