Endogun Medical Systems Ltd., which has developed a device to fasten tissue, has announced that the US Food and Drug Administration (FDA) has granted marketing approval for the company’s first product, designed to prevent pelvic prolapse in women. Engodun is a graduate of Meytav Technological Enterprises Innovation Center Ltd., which is controlled by Biomedix Incubator Ltd. (TASE:BMDX) with a 75% stake. Biomedix owns 44.51% of Endogun.
Endogun recently filed a prospectus for an IPO on the Tel Aviv Stock Exchange (TASE). The company was founded by Dr. Adrian Paz, a urologist and head of the laparoscopy department at Barzilai Medical Center in Ashkelon.
The company’s technology can fasten soft tissue using a special spider web-like fastener inserted into the body via minimally-invasive means. The company’s first product fastens a thin net beneath the organs in a woman’s pelvic area, which have collapsed because of age or childbirth. This prolapse can cause discomfort and even become crippling. Present methods for treating pelvic prolapse involve surgery or semi-invasive procedures, which are considered risky and painful because of the need to blindly insert the needle many times through the groin or buttocks.
Endogun has obtained approximately $1 million in financing to date, from Meytav, the Pontifax Fund through Biomedix, Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), and the Office of the Chief Scientist, which lent the company $300,000.
Published by Globes [online], Israel business news - www.globes.co.il - on September 20, 2006
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