Biomedix Incubator Ltd. (TASE:BMDX.M) announced yesterday that Meytav Technological Enterprises Innovation Center Ltd. incubator company Endogun Medical Systems plans to raise $3-4 million on the Tel Aviv Stock Exchange (TASE) at a company value of $6 million. The final company value for the issue has not yet been fixed. Biomedix owns 67% of Meytav, which owns 56.2% of Endogun. IBI Investment House Ltd. (TASE:IBI) will lead the issue.
Endogun develops minimally invasive products, mainly for urology and gynecology. The company’s flagship product, EndoFast Reliant, secures internal tissue for various surgical procedures. The company plans to initially market its product line for two surgical procedures: pelvic floor reconstruction (pelvic prolapse), and stress urinary incontinence (SUI).
Endogun says 600,000 pelvic prolapse procedures are carried out annually, and over 40 million women suffer from SUI. Many procedures for these problems already use minimally invasive procedures. Endogun’s products are designed to simply these procedures and make them safer.
Founded in 2004, Endogun sole funding to date has been a Chief Scientist grant through Meytav. Engodun CEO Eitan Hod formerly served as products manager at Aran Research & Development Ltd. and developed medical devices at Elscint Ltd. and GE Israel.
Endogun was founded by Dr. Adrian Paz, head of laparoscopic urology at Barzlai Hospital, who has also founded Bioprotect Ltd., Newphase, and VPC.
Endogun VP business development Jonathan Goldstein previously worked for Jerusalem Global Ventures (JGV), InnoMed Ventures, VisionRT, and Galil Medical Technologies (now Oncura).
Published by Globes [online], Israel business news - www.globes.co.il - on March 7, 2006