Accelmed, headed by Moshe Arkin and Dr. Uri Geiger, has invested a few million dollars in a new start-up Peer Medical Ltd.
Peer Medical was founded by CEO Avi Levy, who sold Sightline Technologies Ltd. to medical device company Stryker Corporation (NYSE:SYK) in 2006.
Peer Medical, like Sightline before it, is developing new diagnostic technologies for the gastrointestinal system. Peer Medical's product is presumably also an endoscope.
Sightline was sold to Stryker for $50 million in cash and $90 million in milestone payments. Stryker closed Sightline a two years after the acquisition, so it is not clear how many milestone payments were made.
Arkin founded AccelMed as a holding company for medical devices companies, after he sold Agis to Perrigo Company (Nasdaq:PRGO; TASE:PRGO) for $818 million. AccelMed co-founder Geiger was the founder and former CEO of Exalenz Bioscience Ltd. (TASE:EXEN), GalayOr Networks., and online jeweler Kirabo Inc. He has made angel investments in several medical devices start-ups as well as in hedge fund Dragon Variation.
AccelMed's investments to date include Exalenz, MCS Medical Compression Systems (DBN) Ltd. (TASE:MDCL), Ophthalmic Imaging Systems Inc. (Bulletin Board: OISI), Edge Medical Devices Ltd., and Non Linear Technologies Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2010
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