Emergency medicine co Inovytec raises $3m

Inovytec's neck brace Photo: PR

China's Vincent Medical Holdings has taken a 15% stake in the Israeli company.

Israeli company Inovytec Medical Solutions, which develops and markets products for emergency medicine and trauma care, is entering the Chinese market with the help of a $3 million-strategic investment. Vincent Medical Holdings, a company registered and traded on the Hong Kong Stock Exchange, and the second largest exporter from China of expendable medical devices for airway clearing and anesthetic procedures, announced today it will invest in the Israeli company in exchange for 15% of Inovytec's share capital. With the new investment, Inovytec has reached the target it has set itself for its first capital-raising round following another strategic investment in November 2016 from German medical giant Rhön Klinikum . 

Based in Hod Hasharon, InovyTec raised several million dollars in November 2016 from German company Rhon Klinikum. The company was founded by CEO Udi Kantor and CBDO Dror Matalon.

Kantor said, "The investment is a clear vote of confidence on behalf of Vincent Medical in our extraordinary product. Vincent Medical's experience and presence as a major distribution company to the Chinese market will help us realize the huge potential for the medical device market in general and in China in particular.

Inovytec CFO Ralph Sassun said, "The completion of the capital raising round reflects the confidence key medical players in Europe and Asia have in Inovytec. It allows us to focus on accelerating sales and complete the development and regulatory certification of products in our pipeline."

Inovytec has two products: a relatively inexpensive resuscitation product, which has already made its way to the market, and a next generation product design to be an especially sophisticated defibrillator bringing the world of defibrillators to the online future.

Lubo, the first product, already has CE and FDA approval. It is being sold at several dozen dollars per unit, and fits into a first aid kit. This product is designed to facilitate neck braces and opening the airways for injured people in the first moment after the injury. This is currently done manually, and doing it correctly requires great expertise. After opening the airways, the volunteer's hands are busy until the team comes with professional breathing equipment. The action is also physically exhausting for the volunteer. Lupo facilitates setting and releasing of a neck brace by the volunteer, and also non-invasive initial opening of the airways, without any unusual expertise.

Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Inovytec's neck brace Photo: PR
Inovytec's neck brace Photo: PR
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