Eximo Medical has developed a medical device to treat arterial blockages ■ The product is approved for use in the US, Europe and Israel
AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease and oncology, today announced an agreement to acquire Eximo Medical, Ltd., an early commercial stage, medical device company and its proprietary 355nm wavelength laser technology platform for $46 million in up-front consideration with up to $20 million of contingent consideration related to certain technical and revenue milestones.
Eximo Medical was founded in 2012 by Accelmed fund managed by Dr. Uri Geiger, in cooperation with Incentive incubator managed by Lior Shahori (the incubator is owned by Peregrine Ventures and supported by the Innovation Authority), the entrepreneur Ilan Ben Oren who serves also as Accelmed CTO, Dr. Yossi Muncher and Yoel Zabar. Additional investors other than Accelmed, Arkin Holdings and Peregrine Ventures, include Tal Capital, Rami Lipman, AMIT and the Technion.
“The acquisition of Eximo brings a remarkable, foundational technology to our portfolio that will change the way that caregivers deliver treatment to treat people with PAD,” said Jim Clemmer, president and CEO of AngioDynamics Inc. “The market is ripe for disruption and the safety, precision technology, and efficiency offered by the B-Laser™ technology gives physicians a substantially differentiated alternative to legacy atherectomy devices while offering patients a much safer procedure “
Caregivers provide atherectomy treatment to over 200,000 Americans annually. Eximo’s B-Laser™ represents a technological breakthrough among medical devices used in atherectomy procedures to treat PAD today.
Differentiated from other legacy medical devices, Eximo’s breakthrough B-Laser™ technology is the only system capable of delivering short, high-power pulsed laser energy in 355nm wavelength through the optical fibers in the catheter (a process that was considered impossible in the past) without compromising the integrity of the catheter during atherectomy procedures. In addition to reducing the risk of embolization to the
patient, the B-Laser™ technology offers caregivers and patients tissue selectivity and is indicated to provide treatment for In Stent Restenosis (ISR).
Additionally, the B-Laser™ advances patient treatment options and care by treating a variety of PAD lesions types both above and below-the-knee with a safe, fast, and effective system, which clinical studies have shown have effectiveness in lesions ranging from soft plaque to severely calcified.
“We are very happy to join AngioDynamics”, said Yoel Zabar, Chief Executive Officer of Eximo Medical, Ltd. “We believe that AngioDynamics’ existing resources and commercial acumen will enable a large number of patients to benefit from Eximo’s laser technology, and we look forward to extending its utility into other indications within vascular and elsewhere. We would also like to thank the number of physicians that have already partnered with us during our journey, and we look forward to continuing our work together as we expand our physician base.”
Dr. Irit Yaniv, Chairman of Eximo Medical, and partner at the Accelmed Fund, adds: “By acquiring Eximo and its technology, AngioDynamics is enters a growing market of over $500 million a year (and potentially with billions of dollars a year after completion of development of more indications), with a breakthrough medical solution that offers greater versatility, wider treatment range and clinical data proving its efficacy. As part of the acquisition, Eximo will continue to operate in Israel, which is a growing phenomenon. Throughout acquisitions by foreign medical device corporations, innovation centers are being built in Israel, centers that beyond the construction of an R&D activity in the forefront of the medical technology in Israel, allows a fast time to market, to the benefit of the patients.”
Oppenheimer served as the investment banker of Eximo Medical for this deal.
Top Picture: Yoel Zabar, CEO- Eximo Medical
