Meytav Technological Enterprises Innovation Center Ltd., controlled by Biomedix Incubator Ltd. (TASE:BMDX), today announced an agreement with a group of private investors to set up Flexis, at an investment of NIS 2.5 million, a normal amount for an incubator company. Meytav will own 32% of Flexis, and said it would invest more in the company after it completed Phase I clinical trials.
Flexis has developed an implant for treating paralysis of the spinal cord. “In recent years, artificial disks for the spine have been developed, to replace degenerated or damaged disks,” said Meytav CEO Zvika Rubinstein. “This is an excellent product, but doctors simply couldn’t implant it properly. Flexis’s product provides almost all levels of flexibility of existing products, while also being able to be implanted in a procedure very similar to existing spinal surgical procedures. A person with this new disk implant in the back usually does not even notice that the disk has slightly less freedom of movement.”
Flexis entrepreneur Dr. Boris Silverstein is an expert in spinal surgery. He served as science advisor to Mazor Surgical Technologies Ltd. Most of Flexis’s team previously worked for Mazor.
Like most TASE-listed companies, Biomedix fell sharply today, falling over 6% by afternoon trading.
Published by Globes [online], Israel business news - www.globes.co.il - on July 13, 2006
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