Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has obtained approval for its PillCam Colon from Israel's Ministry of Health, Health Technology and Infrastructure Administration. The announcement comes two days after the US Food and Drug Administration (FDA) denied marketing approval in the US. The share fell 7% on Nasdaq yesterday, and a further 6.2% in after-hours trading. PillCam Colon is the first capsule endoscope to enable physicians to visualize and evaluate diseases of the colon.
Given Imaging president and CEO Homi Shamir said, "We are pleased that the Israeli Health Ministry has approved PillCam Colon. We will be working with gastroenterologists throughout the country to educate them on this non-invasive alternative for imaging the colon."
Rambam Medical Center Department of Gastroenterology director Dr. Rami Eliakim added, "Colon Cancer is preventable if detected early, but less than 25% of individuals in Israel over the age of 50 are screened for colon cancer. PillCam Colon offers a non-invasive alternative for individuals who cannot or do not wish to undergo colonoscopy and presents an opportunity to increase adherence to colorectal cancer screening guidelines and save lives."
As reported in a recent meeting of the Israeli Gastroenterology Society, colorectal cancer accounts for 1,300 deaths in Israel annually.
Given Imaging will report fourth quarter and 2007 results after the close on Wall Street today. It had previously lowered its full-year revenue guidance to $109-112 million from $114-119 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 20, 2008
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