The company can request a further $1 million from Canadian fund SMI if it obtains FDA approval.
Helix Medical Systems Ltd. a Meytav Technological Enterprises Innovation Center Ltd. incubator company, has raised $2 million from Canadian life sciences investment fund SMI. SMI has an option to invest a further $2 million, and Helix can request a further $1 million from the fund if it obtains US Food and Drug Administration (FDA) approval for its device within the next eighteen months or reaches an agreement with a strategic partner. SMI also has an option to invest a further $1 million in Helix at a value of $15 million, whenever it chooses.
Helix is developing a circular breast ultrasound scanner which automatically images the whole-breast , as opposed to the manual scanning procedure with a transducer used at present. Company founder and CEO Arie Amara says Helix has filed an application for FDA approval of its product and that it is in advanced negotiations on distribution agreements with four leading diagnostic imaging companies. Amara added that the company has opened an office in the US, which will handle marketing if and when the scanner receives approval.
Published by Globes [online], Israel business news - www.globes.co.il - on January 13, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008