Teva VP Ika Abravanel resigns
The SmartPill is an ingestible capsule that uses sensor technology to measure pH, pressure and temperature in the gastrointestinal tract.
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) the assets of the SmartPill gastrointestinal monitoring system from The SmartPill Corporation for $6 million, plus immaterial milestone payments.
The SmartPill is an ingestible capsule that uses sensor technology to measure pH, pressure and temperature in the gastrointestinal tract, including gastric emptying and total gastrointestinal (stomach, small bowel and colon) transit times, as well as to evaluate motility disorders, such as gastroparesis (a disorder in which the stomach takes too long to empty its contents) and constipation.
Given Imaging president and CEO Homi Shamir said, "SmartPill is an excellent strategic fit with Given Imaging's proprietary technology and extensive portfolio of gastrointestinal diagnostic tools. Incorporating SmartPill into our business strengthens our value proposition to gastroenterologists as we will now provide an industry-leading platform of patient-friendly gastrointestinal diagnostic solutions. We anticipate that this acquisition will have an immediate contribution to our top-line results and will be accretive to our bottom-line by the end of 2014."
The SmartPill has US Food and Drug Administration (FDA) and EU CE Mark clearance for the evaluation of gastroparesis and constipation, and has an existing CPT code. Given Imaging plans to invest in marketing to expand the body of clinical evidence for, and awareness of, SmartPill.
As the SmartPill capsule passes through the gastrointestinal tract, it transmits data to a recorder worn by the patient, for up to five days. However, the disposable, non-imaging capsule is excreted naturally from the body, usually within a day or two. The patient returns the data recorder to the physician, who downloads the collected data to a computer, and uses SmartPill's MotiliGI software to display and analyze the data, providing the physician with test results in both graphical and report formats.
Given Imaging expects to report a few million dollars in revenue from the SmartPill in 2013. It plans to make additional investments in clinical trials, market development, and manufacturing efficiency to support future growth.
Published by Globes [online], Israel business news - www.globes-online.com - on October 4, 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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