The company has cut its staff and changed its business model.
novoGI Ltd. (formerly NiTi Surgical Solutions) has cut its staff and changed its business model. The company develops and sells products for the management of gastrointestinal diseases. Two years ago, former Given Imaging CEO Gavriel Meron joined the company and sought to expand its business from its original product - staple-free tissue reconnection for gastrointestinal surgery - but found no ready markets and that operating in them required more capital than what the company had.
novoGI's shareholders have therefore decided to scale back operations to the company's original product and reduce its staff. Meron has left the company, and been succeeded as acting CEO by COO Omer Carmel. novoGI's investors include Alice Ventures, Evergreen Venture Partners, Israel Healthcare Ventures Ltd., SCP Vitalife Partners, and Dutch fund Forbion Capital Partners.
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2014
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