Caesarea-based Remon Medical Technologies, developer of intra and inter-body wireless communication for early warning systems of heart failure, is expected to sign a final agreement for its sale to medical devices giant Boston Scientific.
The company develops and commercializes smart, miniature implants which enable physicians to assess and treat a variety of medical conditions in a non-invasive manner. The company's technology utilizes wireless communications to exchange energy and data with minute devices placed deep inside the body.
The company will receive an initial payment of $80 million, with later payments from agreed upon milestones and royalties, which are expected to reach $300 million.
The parties declined to comment on the report, and the future of the Israeli company and its dozens of employees remains unclear.
According to IVC, Remon Medical had already raised $40-50 million from various other funds including Ofer Hi Tech Ltd., Biomedical, US fund Polaris Venture Partners, and others.
Remon, which was founded in 1997, developed a method for increasing the effectiveness of ultra-sound transmission by three orders of magnitude, meaning 1000 times.
Published by Globes [online], Israel business news - www.globes.co.il - on June 21, 2007
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