US medical device company AngioDynamics Inc. (NASDAQ: ANGO) today announced an agreement to acquire Israel laser technology developer Eximo Medical Ltd. for $46 million and up to $20 million in milestone payments.
Based in Rehovot, Eximo Medical is an early commercial stage, medical device company, which has developed a proprietary 355nm wavelength laser technology platform.
Eximo Medical was founded in 2012 by Accelmed fund managed by Dr. Uri Geiger, in cooperation with Incentive incubator managed by Lior Shahori (the incubator is owned by Peregrine Ventures and supported by the Innovation Authority), the entrepreneur Ilan Ben Oren who serves also as Accelmed CTO, Dr. Yossi Muncher and Yoel Zabar. Additional investors other than Accelmed, Arkin Holdings and Peregrine Ventures, include Tal Capital, Rami Lipman, AMIT and the Technion.
AngioDynamics president and CEO Jim Clemmer said, The acquisition of Eximo brings a remarkable, foundational technology to our portfolio that will change the way that caregivers deliver treatment to treat people with PAD. The market is ripe for disruption and the safety, precision technology, and efficiency offered by the B-Laser technology gives physicians a substantially differentiated alternative to legacy atherectomy devices while offering patients a much safer procedure "
Caregivers provide atherectomy treatment to over 200,000 Americans annually. Eximo’s B-Laser™ represents a technological breakthrough among medical devices used in atherectomy procedures to treat PAD today.
Eximo Medical CEO Yoel Zabar said, "We believe that AngioDynamics’ existing resources and commercial acumen will enable a large number of patients to benefit from Eximo’s laser technology, and we look forward to extending its utility into other indications within vascular and elsewhere. We would also like to thank the number of physicians that have already partnered with us during our journey, and we look forward to continuing our work together as we expand our physician base."
Differentiated from other legacy medical devices, Eximo’s B-Laser technology is the only system capable of delivering short, high-power pulsed laser energy in 355nm wavelength through the optical fibers in the catheter (a process that was considered impossible in the past) without compromising the integrity of the catheter during atherectomy procedures. In addition to reducing the risk of embolization to the patient, the B-Laser technology offers caregivers and patients tissue selectivity and is indicated to provide treatment for In Stent Restenosis (ISR).
Eximo Medical chairman and Accelmed partner Dr. Irit Yaniv said, "By acquiring Eximo and its technology, AngioDynamics is enters a growing market of over $500 million a year (and potentially with billions of dollars a year after completion of development of more indications), with a breakthrough medical solution that offers greater versatility, wider treatment range and clinical data proving its efficacy. As part of the acquisition, Eximo will continue to operate in Israel, which is a growing phenomenon. Throughout acquisitions by foreign medical device corporations, innovation centers are being built in Israel, centers that beyond the construction of an R&D activity in the forefront of the medical technology in Israel, allows a fast time to market, to the benefit of the patients."
Oppenheimer served as the investment banker of Eximo Medical for this deal.
Published by Globes, Israel business news - en.globes.co.il - on October 3, 2019
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