Bioness applies for FDA nod for chronic pain treatment

Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA) portfolio company Bioness Inc. has submitted to the US Food and Drug Administration (FDA) a marketing applications for the company's chronic pain treatment, StimRouter. The product alleviates pain through electrical stimulation, which the company believes is a breakthrough treatment of chronic pain.

Bioness develops and manufactures systems for rehabilitating partial hand and foot function following a stroke or damage to the upper spinal vertebrae. The company has 230 employees in Israel, the US, and the Netherlands.

Bioness chairman Alfred Mann owns the 24% controlling interest in the company. Teuza, a venture capital fund that invests in medical device, telecommunications, software, and semiconductor start-ups owns 6% of the company.

Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2009

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