Impliant is developing products for spine surgery and joint arthroplasty.
Elron Electronic Industries Ltd. (ELRN) today announced that it has completed a new investment of approximately $7.3 million in Impliant as part of a financing round of approximately $18 million from new and existing investors.
Impliant is a privately held medical device company, engaged in the commercialization of a novel posterior motion preservation system for spine surgery and a line of cushion-bearing joint arthroplasty products.
Following the investment, Elron will hold approximately 20% of Impliant, on a fully diluted basis. Elron also holds a 14% ownership interest in Innomed Ventures, a venture fund which is also invested in Impliant.
Elron president and CEO Doron Birger said, "We are excited about our new investment in Impliant and believe that Impliant's innovative technology, supported by its experienced management and substantial resources, will become one of the leading spine related motion preservation technologies".
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, December 29, 2004