Misgav Technology Center (MTC; Misgav, Israel) start-ups raised $5 million in 2005, focused on medical technologies following its association with the Trendlines Group, which established a venture capital fund last year to raise funds for MTC portfolio companies and also invested $2 million.
The $5 million-plus raised by MTC start-ups last year represented the highest annual investment since the incubator was established in 1992 by Rafael, the Israel Armaments Development Authority, and the Misgav Regional Council in the Galilee.
MTC medical device start-ups raising funds included EnzySurge, which raised $750,000 for its irrigation and debridement technology.
ETView, MTC's first medical device company to receive FDA approval, raised $500,000 to go toward the manufacture of its patent-pending endotracheal tube with embedded video camera that the company is preparing for marketing.
Flexicath raised $250,000 to develop its first product, Firm-grip, a sterile catheter aimed at the four- to 14-day catheterization period, which is wrought with infections and problems of vein closure, and a significant unmet need. Flexicath also is developing “mini” midline and PICC line kits (with the Firm-grip .15 and .60) by seeking partnerships with smaller manufacturers and distributors.
Another gastroenterology device is Medigus's (Omer, Israel) tube with a view. The company's endoscopy device is aimed at resolving gastroesophageal reflux disease (GERD) problems, with the same results as laparoscopic surgery. Medigus is continuing to develop a proprietary endoscopic technology, the SRS system, combining a miniaturized video camera, a surgical stapler and ultrasonic sights for alignment.
Medigus filed for an IPO to raise $10 million led by Poalim IBI Underwriting and Investments. Medigus raised $4 million last year, with Israel Healthcare Ventures and Delta Ventures joining Ofer Ventures and Proseed as investors in the company.
Alma Lasers may be M&A target
(Caesaria, Israel), an Israeli developer of advanced light-based technology and products for the aesthetic and medical markets, filed an application in the Tel Aviv District Court that indicates the company may be entering a deal with a foreign firm that is seeking to buy up 65% of its voting rights for some $62 million – $55 million in cash, and another $7 million in milestone payments.
If the application is accepted, Alma will be allowed to transfer part of its shares for sale to the overseas fund.
Alma was birthed last October when Orion Lasers, a U.S.-based laser distributor, merged with MSq (Caesaria, Israel). MSq, which uses advanced light sources, laser technology and UV technology to develop aesthetic and medical devices, was listed as the 20th of the 500 fastest-growing technology companies in Europe, the Middle East and Africa by Deloitte Technology in 2005.
Deloitte's rankings are based on percentage revenue growth over a five-year period, with Alma/MSq growing 3,232% during the 2000-2004 period.
Alma Lasers was not available to comment on the report.