Biomedix Incubator Ltd. (TASE:BMDX.M), announced today that it had filed a draft prospectus for an IPO on the Tel Aviv Stock Exchange (TASE) for its portfolio company Endogun Medical Systems Ltd., at a company value of NIS 70 million, after money. Biomedix owns 75% of Meytav Technological Enterprises Innovation Center Ltd., which owns 40% of Endogun, giving Biomedix a 30% stake in the company. Endogun has developed a device that fastens a thin net beneath the organs in a woman’s pelvic area, which have collapsed because of age or childbirth.
Biomedix said that Endogun was one of two companies that it planned to float on the TASE next month. The other is Elutex, which has developed a technology for electro-chemical coating of medical implants. Biomedix said it planned to raise $6 million at company value of $18 million, after money, for Elutex.
Endogun was founded by in 2004, by Dr. Adrian Paz, a urologist and head of the laparoscopy department at Barzilai Medical Center in Ashkelon. The company’s technology can fasten soft tissue using a special spider web-like fastener inserted into the body via minimally-invasive means. It recently obtained US Food and Drug Administration (FDA) approval for device for pelvic prolapse prevention in women.
Published by Globes [online], Israel business news - www.globes.co.il - on December 18, 2006
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