Xenia Venture Capital Ltd. (TASE:XENA) portfolio company OrthoSpace Ltd. has obtained EU CE Mark for its product, less than a year after being spun off from another by another Xenia portfolio company, BioProtect Ltd. The company also appointed a new CEO.
OrthoSpace has developed an implantable, biodegradable balloons for orthopedic procedures. The CE Mark is for the company's first product, the InSpace balloon, for treatment of shoulder Rotator-Cuff injury. The Rotator-Cuff is a complex network of muscles and tendons that hold the shoulder in place and enable the arm to rotate. The InSpace balloon, is designed to replicate the action of the bursa - a fluid sac between the Rotator-Cuff and the upper bone of the shoulder - during the healing process. It removes friction, and correctly spaces the tendons and muscles in the Rotator-Cuff.
OrthoSpace estimates the European market for treatment of shoulder Rotator-Cuff injury at hundreds of millions of dollars a year.
The implantable balloons were originally developed by BioProtect to separate healthy tissue from tumors, in order to protect healthy tissue during radiation therapy.
OrthoSpace also appointed Itay Barnea as CEO. He has experience in medical devices and regulations, and previously worked for Johnson & Johnson. He replaces Shaul Shochat, who simultaneously served as CEO of BioProtect. Shochat will continue at that job.
Xenia owns 18% of OrthoSpace.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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