Corindus Vascular Robotics signs Philips collaboration deal

Philips also acquired a minority stake in Corindus as part of the deal.

US-Israeli start-up Corindus Vascular Robotics Inc. has signed a cooperation agreement with Royal Philips Electronics NV (NYSE: PHG, AEX: PHI), under which Philips Healthcare will add Corindus's minimally invasive treatment of obstructed coronary arteries (also known as percutaneous coronary interventions) to its interventional cardiology solutions.

Philips also acquired a minority stake in Corindus as part of the deal.

Corindus VP marketing and business development Tal Wenderow and Prof. Rafael Beyar, a cardiologist and now general director of Rambam Medical Center in Haifa founded the company as NaviCath at Technion Seed in 2002. The company is now based in Massachusetts.

Corindus has developed a robotic-assisted imaging system, the CorPath 200 System, for interventional cardiology procedures.

Corindus president and CEO David Handler said, “Everything in the catheterization lab, from X-ray imaging to coronary stents to contrast media, has advanced significantly over the past thirty years. However, the procedural process itself has remained largely unchanged. We are excited by the possibility of putting the power of remote precision robotic control into the hands of interventional cardiologists. Partnering with Philips will strengthen our ability to develop integrated technologies, with the ultimate objective of advancing interventional cardiology."

Philips Healthcare has medical imaging operations in Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on April 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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