Teva VP Ika Abravanel resigns
Syneron makes laser aesthetic devices and Ultrashape has developed an ultrasound device for removing fatty tissue.
Syneron Medical Ltd. (Nasdaq: ELOS) has acquired UltraShape Medical Ltd. (TASE: USLP) for $12 million. Syneron makes laser aesthetic devices; Ultrashape has developed an ultrasound body contouring device for removing fatty tissue.
Ultrashape's products are approved and commercially available in Europe, Canada, Latin America, and Asia.
Syneron CEO Louis Scafuri said, "The acquisition provides Syneron immediate entry into this large and attractive global market for fat disruptive body contouring and provides the opportunity to leverage our worldwide sales infrastructure and VelaShape installed-base to drive growth in the Ultrashape business. The combination of Ultrashape and Syneron's body contouring product pipeline will accelerate our leadership in this key growth market."
Ultrashape chairman Alon Maor said, "Syneron has developed into a clear market leader over the past several years, and we believe its global sales and distribution reach will help millions of patients worldwide benefit from the unique Ultrashape procedure."
Syneron founder and chairman Dr. Shimon Eckhouse said, "The high intensity focused ultrasound technology that was developed by Ultrashape is very unique due to its ability to destroy the fat cell membranes without damaging adjacent tissue. Syneron's leadership position in the body shaping market, which is based on RF induced thermal injury, when complemented by this unique fat selective technology, gives physicians a comprehensive body sculpting solution that enables non-invasive fat destruction and injury based connective tissue repair."
Syneron's share price rose 1% in early trading on Nasdaq to $11.04, giving a market cap of $389 million. The Tel Aviv Stock Exchange (TASE) is closed today for a strike.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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Abravanel's is the first senior departure from Teva since Erez Vigodman became CEO.
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