Israeli medical devices company Medibrane has announced another investment from international company Resonetics. Medibrane is developing polymer-based coatings for medical devices, including stents. Resonetics has been a shareholder in Medibrane since acquiring STI last November for tens of millions of dollars. STI, a manufacturer of medical devices as a subcontractor and one of the pioneers in stent manufacturing in Israel, had holdings in Medibrane, and the two companies' activities complement each other.
"In just a few years, the Medibrane team has developed a full suite of capabilities that our mutual customers require," said Resonetics CEO Tom Burns in his company's press release about the acquisition. "Having worked with the founders at Medibrane for the past six months, we've grown increasingly excited about the synergies between Medibrane innovative coverings technology and Resonetics' growing nitinol processing capabilities."
Medibrane specializes in coatings for products made out of nitinol, a material that "remembers" the common shape used in the medical device industry. Resonetics specializes in production of nitinol products.
Medibrane won first prize in the startup competition at the Premier International Conference for Innovations in Cardiovascular Systems (ICI Conference) held in Israel last December.
"This additional investment by Resonetics will allow the business to scale faster to serve our medical device customers, while also leveraging our expanded facilities and manufacturing infrastructure in Israel," Burns added.
Medibrane cofounder and CEO Elad Einav said, "The collaboration has already been productive and as we move projects towards commercialization, the synergies will be even greater."
Medibrane was founded in 2015 by Einav and Dr. Amir Kraitzer, who previously founded dental materials company Augma, a company that has already brought two products to market. Medibrane is located in Rosh HaAyin and has several dozen employees. Since it functions primarily as a subcontractor, Medibrane has yet to conduct any large-scale financing rounds.
The investment deal shows that Resonetics, located in Or Akiva, is becoming involved in the Israeli market, following its acquisition of STI. The acquisition was supported by the GTCR private equity fund, which became an important investor in Resonetics in 2017 and has since supported it as a leader in the field through acquisitions around the world. Entrepreneur Tovy Sivan completely owned STI when it was acquired, and is now president of Resonetics Israel.
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2019
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