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2007 Winner of Technion's BizTEC Competition Acquired for $30-40M In a deal estimated at between $30 million and $40 million, global medical devices giant Covidien plc has acquired hernia mesh placement technology developer PolyTouch Medical Ltd. The acquisition marks another successful chapter in PolyTouch’s young history. The company – founded in March 2009 by Ofek Levin, Arik Levy and Lena Levin – was also the 2007 winner of the BizTEC Israel national entrepreneurship competition, held annually at the Technion-Israel Institute of Technology. The BizTEC challenge – a Technion student initiative – was launched in March 2005 by the Technion-Industry Academy Forum, a non-profit organization that promotes entrepreneurship, develops innovative ventures and enhances the collaboration between the Technion and the Hi Tech industry. It has evolved into a leading entrepreneurship platform for Israeli academia. PolyTouch is the developer of PatchAssist, a device for the precise and rapid deployment and placement of mesh during laparoscopic soft tissue repair procedures; and the FDA-approved AccuMesh, an innovative endomechanical device facilitating insertion, deployment and placement of mesh during laparoscopic ventral hernia repair. The acquisition, which reportedly took place in 2011 but which is only now being reported – opened a wave of acquisitions of Israeli companies by Covidien. Over the past two months, Covidien has also acquired pulmonary endoscope developer superDimension and capnography respiratory monitors and modules manufacturer Oridion Systems Ltd. The Technion-Israel Institute of Technology is consistently ranked among the world's leading science and technology universities. Home to three of Israel's five winners of the Nobel Prize in science, the Technion commands a worldwide reputation for its pioneering work in computer science, nanotechnology, biotechnology, energy, water-resource management, medicine, drug development, and aerospace. Headquartered in New York City, the American Technion Society (ATS) promotes scientific and technological research and education at the Technion. |
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