US company Vention Medical has completed the acquisition of Israeli company Lithotech Medical. Based at Katzrin in the Golan Heights, Lithotech has developed complex nitinol (nickel titanium) wire-based technologies for use in the design and manufacture of medical devices.
Capital Point Ltd. (TASE:CPTP), which owns a 13.6% stake in Lithotech, reported that the acquisition is for NIS 10 million in cash and a further NIS 3 million in milestone performance payments.
“Partnering with this talented group of nitinol experts expands our portfolio of advanced components and technologies as well as our applications expertise,” said Tom Testa, President of Vention’s Advanced Technologies business. “Together, we can further provide more leading-edge technologies to advance our customers’ medical device innovations faster and more cost effectively.”
Founded in 2001 as part of the Katzrin incubator, Lithotech Medical employs a multidisciplinary team of more than 100 technical experts including physicists, material and mechanical engineers, and regulatory and quality control experts. The team has designed and developed more than 100 products for customers worldwide, with dozens of products currently on the market.
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2017
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