NESS develops systems for the rehabilitation of victims of stroke, cerebral palsy, and of head and spinal injuries.
Neuromuscular Electrical Stimulation Systems (NESS) is in talks on a possible acquisition by Alfred Mann's Bioness Inc. for $75 million, $28 million of which would be in cash, according to Teuza Management and Development, one of the investors in NESS. If the deal goes through, it will actually constitute a merger between the two companies. Bioness's company value is estimated at $75 million.
NESS was founded in 1991, and develops systems for the rehabilitation of victims of strokes, cerebral palsy, head injuries and spinal injuries. Bioness signed a US distribution agreement with NESS two years ago. The main investors in NESS are Teuza Management and Development, which holds a 34% stake in the company, Johnson and Johnson Development Corporation, ABN Amro Capital, Dow Corporate Venture Capital, and Life Sciences Partner.
Published by Globes [online], Israel business news - www.globes.co.il - on October 26, 2006
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