Xenia Venture Capital Ltd. (TASE:XENA) and Virginia Life Sciences Investment (VSLI) are investing in urethroscopy start-up Xenolith Medical Ltd. Xenia will invest NIS 1.9 million, of which NIS 1.7 million is a government loan from the Ministry of Industry, Trade and Labor. VSLI will invest $500,000.
Xenolith is developing retention and retrieval devices to prevent stone migration to the kidney during ureteroscopy procedures. The devices aim to minimize the invasiveness of procedures, lower risk to the patient, and shorten procedure time. The devices will replace current safety guide wires, stone-retrieval baskets and other devices to simplify ureteroscopic procedures and reducing costs.
Xenia will own 27.5% of Xenolith after the investment.
Xenia CEO Anat Segal said, "We believe that Xenolith, like our other medical devices portfolio companies, will create value for our shareholders. VSLI, which specializes in investments in medical devices companies and which has assisted many of our companies, is participating in the investment as an important power multiplier for promoting the company."
Stones in the kidneys and urethra affect 5-7% of women and 10-12% of men in the world, with five million new cases diagnosed every year.
Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2011
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