Boston Scientific may have closed down the Israeli activity of Remon Medical Technologies, but according to Hezi Himelfarb, who was Remon Medical’s CEO at the time of its sale, the company’s technology is still being developed by the US company. This in contrast to previous reports that Boston Scientific had stopped development of the product.
The product will not be developed as a stand-alone, but will be incorporated in existing Boston Scientific products. This was envisaged in the sale contract for Remon Medical, and will take place in such a way as to enable Remon Medical’s former shareholders to receive milestone payments and royalties when the product reaches the market.
”From the start, Boston Scientific sought a mature technology, and never intended to leave an active development center in Israel,” Himelfarb says. This in contrast to, for example, ColBar, which Johnson & Johnson was reported as intending to sell last week. Johnson & Johnson had intended to keep ColBar as an active company in Israel, but because of marketing and operational difficulties decided to sell or close it
As far as Remon is concerned: “It was clear that the product would go overseas. For regulatory reasons, it’s easier to bring a product to market if it is part of an existing Boston Scientific product. A group of 150 engineers is currently working on the integration process, 1.5 times the number of workers Remon had in Israel when it was sold.”
Since the product is an implant, it may take several more years to bring it to market. Himelfarb hopes that, later on, Remon Medical’s technology will become the basis for producing a network of sensors implanted in various parts of the body, the next generation of monitoring devices.
Published by Globes [online], Israel business news - www.globes.co.il - on October 12, 2009
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