Hernia mesh placement specialist company PolyTouch Medical Ltd., has retrospectively reported its acquisition by Covidien in a deal the terms of which are undisclosed but which is believed to be close to $40M. Not bad for a company that was little more than two years old when it was acquired late last year. This acquisition is Covidien’s third of Israeli companies in recent months with the Massachussetts giant having acquired superDimension and Oridion Systems in deals covered on our pages earlier this year.
PolyTouch Medical Ltd. was founded in March 2009 by Ofek Levin, Arik Levy and Lena Levin with the aim of developing innovative laparoscopic surgical instruments that enable accurate and rapid delivery and placement of soft tissue prosthetics for a variety of procedures, including laparoscopic ventral hernia repair.
It is thought that improved patch placement can potentially reduce procedure time by 30%-50%.
PolyTouch developed PatchAssist(pictured), its lead product, which was FDA cleared in 2010 and subsequently further developed to become AccuMesh, an innovative endomechanical device facilitating insertion, deployment and placement of mesh during laparoscopic ventral hernia repair. Covidien had already launched the AccuMesh device earlier this year.
“We are thrilled to have found a partner in Covidien for PatchAssist,” commented Ofek, Levin, Founder and CEO. “The rapid development of our technological platform and our success in gaining FDA clearance for this important product has resulted in this transaction.”
William Edelman, Chairman of the Board for PolyTouch commented, “The ability of innovative medical device companies such as PolyTouch to rapidly focus on technologies and products of high clinical need is an important driver of value creation for the clinical community as well as medical device investors. The PolyTouch model of focused investment and dedicated management execution has resulted in this vote of confidence by Covidien, one of the world-premier medical device leaders.”
Source: PolyTouch Medical Ltd. PR Newswire