Japan's Kaneka Corporation has announced the acquisition of 96.8% of shares of Israeli medical device company EndoStream Medical Ltd. (ESM). Or Akiva-based ESM, which was founded in 2015 by CEO Danel Mayer and CTO Alon May, is developing the Nautilus device for aneurysm treatment. No financial details about the deal were disclosed but industry sources believe that EndoStream, which has raised just $5 million, was acquired for at least $100 million. The company has 12 employees.
Kaneka says that together with ESM's technology it will jointly develop and manufacture new medical devices, mainly for cerebrovascular treatment, The Japanese company says that it aim to achieve sales of over $120 million of such devices by 2030.
EndoStream's Nautilus can treat aneurysms with wide openings in cerebral blood vessels. The device has a special structure that can be used in combination with an aneurysm embolization coil to block blood flow to the aneurysm, facilitating treatment that would otherwise be difficult with existing devices. The product received EU regulatory approval in November 2024, with plans for approval and launch in the US in the spring of 2026 and in Japan in 2027.
The big winner in the acquisition, besides the entrepreneurs, is Peregrine Ventures, the only venture capital fund to invest in the company along with a group of American neurosurgeons. The company started out in the Ofek Go Innovation technological incubator in the north.
Published by Globes, Israel business news - en.globes.co.il - on January 9, 2025.
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