Global healthcare giant Chemo Group has made a significant strategic investment in Israeli women's health company OCON Medical. No financial details were disclosed.
Based in Modiin, OCON Medical has developed the IUB intrauterine platform. The Chemo Group, through its Exeltis Women’s Health Business, has been OCON’s commercial partner since 2016 and is marketing the IUB Ballerine, a spherical copper intrauterine device based on OCON’s IUB propriety technology platform, in several European countries, including Spain and Italy.
This investment accelerates OCON’s continued rapid growth and expansion in both marketed products as well as further development of their IUB (IntraUterine Ball) technology platform applications. Among others this includes the Sphera, a hormonal contraception based on the spherical frame, as well as other therapeutic gynecological applications.
The IUB Ballerine, with over 50,000 units sold, consistently gains market share wherever it has been launched, succeeding across very different markets, thus proving the concept of the IUB technology platform’s attractiveness to gynecological prescribers globally. OCON is currently implementing their planned market launches of the IUB Ballerine product and initiating the clinical phase of their current assets, starting in 2017, which thus maintains their ambitious growth trajectory.
OCON CEO Ariel Weinstein said, “I am proud to welcome Chemo as OCON’s strategic shareholder after having experienced a fruitful collaboration on many markets. This new money will allow us to accelerate marketing roll out of the IUB Ballerine in numerous countries, R&D with the goal to start first in woman for two new products in Q4, 2017 and Q3, 2018, focus on US entry and increase manufacturing capacity."
Chemo Group chairman Leandro Sigman, who has joined OCON's board, said, “I am excited by OCON's innovative IUB technology. It is being really well received by gynaecologists and women seeking long acting hormone free contraception. Our Exeltis Women's Health Business will accelerate the uptake of the IUB, while as a shareholder Chemo Group can really support OCON’s growth strategy”.
OCON Medical was established in 2011 and is the developer of the IUB, a proprietary intrauterine platform made of a super-elastic alloy which is an ideal carrier for multiple substances and indications. OCON’s products have been sold in many European countries since 2014 and the company is actively developing pipeline products for additional indications.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2017
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