Boston Scientific Corporation (NYSE: BSX) announced on Friday that it had signed an agreement with MediGuide, Inc., a privately held company with development offices in Haifa, to develop and commercialize advanced imaging and navigational technologies for use in a broad range of less-invasive therapies.
MediGuide was founded through an exclusive license and technology transfer agreement with Israel’s Elbit Systems (Nasdaq: ESLT), a major developer of defense technologies including navigation systems for aviation. MediGuide's primary focus is to leverage this technology in the healthcare environment.
The initial focus of the alliance will be on interventional cardiology, Boston Scientific said. The agreement includes an equity investment, technology licenses, exclusive global distribution rights and an option to acquire MediGuide at a future time. Financial terms were not disclosed.
Boston Scientific, one of the world's largest medical equipment companies, is a leader in developing minimally invasive technologies, with annual sales of over $3 billion. The company has made headlines in Israel in recent years due to an epic legal battle with Tel Aviv-based Medinol, a developer of stent technology which supplies Boston Scientific.
Boston Scientific and MediGuide initially plan to develop a next generation intravascular ultrasound (IVUS) system designed to provide physicians a three-dimensional intravascular image of coronary arteries, by integrating Boston Scientific's IVUS system and MediGuide's Medical Positioning System (MPS).
Boston Scientific said the enhanced imaging capability would help physicians better assess the condition of the artery and treatment options.
MPS is designed to monitor the exact location and orientation of a miniature sensor, which can be integrated into existing catheter-based therapeutic and diagnostic devices. With this technology, Boston Scientific says, the location of the device can be tracked more easily as it is manipulated through the body and delivered to the treatment site.
Boston Scientific chief technology officer and senior vice president Fred Colen said, "Led by advances in catheter-based technology, interventional medicine is evolving to treat more complex disorders which have historically been targets for more invasive surgical techniques. When combined with Boston Scientific's advanced catheter technologies, MPS will bring greater precision to less-invasive therapies."
In addition to opportunities in cardiovascular interventions, the alliance will explore opportunities to develop "MPS-ready" devices in the fields of radiology, neurosurgery, oncology, endoscopy, orthopedics and other medical specialties.
"We are very pleased to have established a broad relationship with Boston Scientific," said Gera Strommer, president and CEO of MediGuide. "This will complement our strong working relationship with Elbit Systems in applying leading edge navigation technology to a broad set of interventional and surgical tools."
Published by Globes [online] - www.globes.co.il - on 18 May, 2003