Dr. Uri Geiger, Mori Arkin’s partner in medical devices investment fund Accelmed, revealed today at a conference held by investment house Landmark Ventures that the firm was in talks to buy a leading company in spinal therapies.
Geiger said that the fund would invest several tens of millions of dollars in the company, which already has a production and marketing infrastructure, the aim being to introduce Israeli technologies into the company further down the track, technologies that will be deployed in the production, marketing, and management infrastructure of the company, via licensing agreements or purchase.
Accelmed plans to implement a similar model in cardiology, and currently seeks a US company in this field to acquire. Today or tomorrow, Accelmed will also complete an investment in another company.
“We invest at the rate of about a company a month,” Geiger said. “In young companies with experienced entrepreneurs we invest a few million dollars each, and in US companies that will serve as a base for our wider activity, we can invest tens of millions of dollars.”
In his presentation, Geiger spoke of the myths about Israeli medical device companies. “Our buyers are smart enough to know that a company with one product will probably not be a giant. They do want to see proof of feasibility, in the form of sales in Europe or the US,” he said.
Another myth Geiger spoke of was the supposedly tough attitude of the US Food and Drug Administration (FDA) towards young companies. “The FDA is fair to companies that have a good control system from the outset, and that conduct themselves vis-à-vis the FDA with the aid of people who know how to talk to it. I say this after one company in which we are invested, MCS, received a warning letter from the FDA about one of our products, a letter that in my view was justified, while at another company we received approval two years earlier than expected. I reckon that today, in some areas, it is easier to obtain approval FDA approval than CE approval for selling in Europe, as long as you know how to work with them.”
Source:Published by Globes [online], Israel business news
Accelmed in talks to buy US spinal therapy co
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