Haifa-based of MediGuide has signed an agreement with Medtronic (NYSE: MDT) for co-development of its medical positioning system (MPS) enabled products. The agreement is based on providing Medtronic products with MediGuide's GPS-like (MPS) navigation capabilities to enhance various procedures.
The set of agreements includes co-development and an optional equity investment of Medtronic in MediGuide. The integration of the MediGuide MPS navigation technology into Medtronic tools is expected (subject to receipt of regulatory/clinical approvals) to enhance the physician's operation, as well as the procedure duration and outcome. This relationship enlarges MediGuide's portfolio of future products, together with its relationships with leading imaging and device companies. “
We are very excited about this relationship,” said MediGuide president and CEO Gera Strommer. “Medtronic is the world leading company in the field of implantable medical devices, and this agreement complies with our strategy to bring the best value solutions for our customers and partners and to bring our MPS technology to a wide range of applications.”
MediGuide was established in 2001 as a spin-off of Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT).
MediGuide is a provider of technology, solutions and applications for intra body navigation and minimally invasive procedures with a special focus on cardiology.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2008
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