Biomedix Incubator Ltd. (TASE:BMDX) notified the TASE today that one of the start-ups in its subsidiary Meytav Technological Enterprises Innovation Center Ltd., in which it holds an 85% stake, has been sold to a third party for $11.85 million.

The name of the acquired company was not mentioned but it was probably Surgical Structure Ltd. Formerly called Hernia Solutions, the company was founded in July 2007, and is developing innovative, minimally invasive solutions for the treatments of ventral and inguinal hernia, the largest scale operation preformed by general surgeons. The company's mesh placement enables a posterior approach via miniature incisions while reducing costs, complexity and morbidities of current procedures. The company notes that over three million hernia procedures are carried out annually in the West, at a cost of $5 billion.

According to Biomedix prospectus NIS 8 million has been invested in Surgical Structure to date with the incubator itself putting in NIS 2.3 million. The prospectus values the start-up at NIS 15 million meaning that it has made a handsome premium on the sale of the company.

Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2009

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