Teva VP Ika Abravanel resigns
Scientific will exclusively market in the US Lumenis's gastroenterology and interventional pulmonology lasers and fiber-optic devices.
Laser-based treatments developer Lumenis Inc. has formed a co-marketing alliance with Boston Scientific Corporation's (NYSE: BSX) Endoscopy Division. Boston Scientific will exclusively market in the US Lumenis's gastroenterology and interventional pulmonology lasers and fiber-optic devices.
Lumenis has developed the SlimLine GI and SlimLine Endofibers for use with the VersaPulse holmium lasers in gastroenterology and pulmonology procedures, such as the removal of stones. The products are compatible with Boston Scientific devices.
Lumenis did not disclose when it expects to begin recording revenue from the new deal, but a previous agreement for the marketing of urology products generates tens of millions of dollars a year for Lumenis ten years after it was signed.
Lumenis CEO Dov Ofer declined to estimate expected earnings from the deal, but he told "Globes", "We believe that this field could become a leading field for us, though only gradually of course."
Since the product is already on the market, the agreement mentions royalties on sales, rather than stating a down payment and additional payments based on milestones.
Ofer added, "Two years ago, we decided to expand our gastroenterology activity. We naturally approached our partner, Boston Scientific, which is the global leader that offers solutions in the field. Since then, we developed the system, which already had US Food and Drug Administration (FDA) approval, and it is already installed at ten leading medical centers around the world. At the same time, we held talks that matured into the current deal."
Boston Scientific is the only global medical devices company that collaborates with Lumenis. Lumenis has several other distribution agreements with Israeli companies. One agreement is for surgical products, which accounted for 35% of Lumenis's revenue according to its financial report for 2009, and two other agreements for its esthetic laser devices, which accounted for 27% of revenue. Lumenis independent markets its laser ophthalmic devices, which accounted for 35% of revenue.
Lumenis's new product is due to be the first laser for the removal of stones in the digestive tract. Lumenis medical manager Reuven Levinski said, "Stones are currently removed by an endoscope with clamps at the tip to grab the stones. Our product shoots a laser beam through the endoscope to ablate the stones, and the remains are then excreted. This is an easier method, with fewer risks. We saw this in field tests where our system is installed.
Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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