Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) portfolio company Medingo Ltd. has obtained formal clearance from the US Food and Drug Administration (FDA) to market its Solo MicroPump Insulin Delivery System in the US,
The shares of Elron, the venture capital arm of IDB Holding Corp. Ltd. (TASE:IDBH), rose 32.7% on Nasdaq yesterday to $4.63 and jumped another 107% in after-hours trading to $9.60. The share rose 35% in early trading on the TASE today to NIS 22.
Medingo is a medical device start-up that develops micropumps for insulin delivery and other products for diabetics. The Solo micropump is a patch placed on the skin and can remain in place for three months. The insulin container is replaced every three days. The level of drug delivery is maintained by a remote control. The company says that its product is more efficient than other insulin pumps on the market.
The company had hoped to obtain the FDA clearance in 2008. Medingo president and CTO Dr. Ofer Yodfat founded the company. He previously founded and was CEO of MindGuard Medical Devices, which closed down.
Medingo and Elron chairman Arie Mientkavich was pleased to obtain the FDA nod for the tube-free insulin delivery system. "This is a major milestone for Medingo, which will enable it to progress to the next phase in its development. Medingo is currently considering alternatives for its go-to-market strategy and the timing of the product launch," he added.
Elron owns 92% of Medingo directly and through Rafael Development Corporation Ltd. (RDC), a joint venture with Rafael Advanced Defense Systems Ltd..
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009
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