Wound care company NanoVibronix Inc. has received a 300,000 strategic investment from Tegal Corporation (Nasdaq: TGAL), a technology investment company. NanoVibronix, based in Nesher near Haifa, is developing its proprietary low-intensity surface acoustic wave (SAW) technology for the treatment of chronic, non-healing wounds.
NanoVibronix cites a report by Global Industry Analysts Inc., which estimates that the global wound care market will reach $22.8 billion by 2017, one-third of which is addressed by advanced wound care products. The market growth is fueled by an aging population and the rapidly increasing incidence of diabetes worldwide.
NanoVibronix has obtained US Food and Drug Administration (FDA) and EU CE Mark clearance for its first product, PainShield MD, for the treatment of tendonitis, muscle pain, and trigeminal neuralgia. The company has also developed a family of disposable ultrasound devices, the UroShield, to treat catheter-associated infection and injury by preventing biofilm formation and decreasing the friction between the catheter and body tissues. This product also has CE Mark certification.
NanoVibronix CEO Dr. Harold Jacob said, "Tegal’s investment and management expertise are critical to accelerating the growth of NanoVibronix.
Tegal president and CEO Thomas Mika said, "Our investment in NanoVibronix expands the Tegal portfolio to new markets and new commercial horizons. NanoVibronix is a technology leader in the application of surface acoustic waves in the treatment of wounds and the prevention of infection in indwelling catheters."
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2011
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