Medical imaging solutions developer Sync-Rx Ltd. has been acquired by US medical devices company Volcano Corporation (Nasdaq: VOLC) for $17.3 million. Sync-Rx, jointly owned by Rafael Advanced Defense Systems Ltd. and Elron Electronic Industries Ltd. (TASE: ELRN) through their joint venture Rafael Development Corporation (RDC), develops automated online image processing to optimize and facilitate trans-catheter cardiovascular interventions. The acquisition will be closed within 30 days.
Netanya-based Sync-Rx was founded in 2007. It will become a wholly-owned subsidiary of San Diego-based Volcano. Sync-Rx currently focuses on coronary catheterizations, and it plans to develop applications for structural heart disease. Volcano said that it plans to expand Sync-Rx's technology to work with real-time intra-body physiology measurements and intravascular ultrasound, intra-cardiac echocardiography, and optical coherence tomography imaging.
Volcano president and CEO Scott Huennekens said, "Sync-Rx's technology provides Volcano with a platform on which to build a range of advanced software features that will aid clinical decision-making by providing angiography and intra-body image enhancement, measurements and non-invasive imaging and intravascular co-registration capabilities, and future opportunities in physiology and peripheral and minimally invasive structural heart therapy guidance. We are excited about the Sync-Rx team joining Volcano and establishing a footprint in Israel, given the breadth and depth of medical imaging and software talent there."
Rafael and Sync-Rx chairman Ilan Biran said, "Sync-Rx's platform is another example of state-of-the-art technology developed in Israel that has demonstrated global superiority. For RDC, this is another success story which follows the successes of Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) and Medingo, which grew at RDC, achieved breakthroughs, and became leaders in their fields."
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2012
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