InnoLap Surgical Microlaparoscopy Technology Acquired by Teleflex
MISGAV, Israel, October 1, 2013 /PRNewswire/ --
Trendlines portfolio company established in mid-2012 identifies unmet need in minimally invasive procedures
The Trendlines Group announces the acquisition of portfolio company InnoLap Surgical's technology by Teleflex, a global supplier of specialty medical devices for a range of procedures in critical care and surgery. Founded by CEO Yoni Epstein and Dr. Igor Igov in August 2012, InnoLap is an early-stage Israeli medical device company developing a microlaparoscopy platform for scarless laparoscopic procedures. The company's novel device reduces incision diameter, nearly eliminating the need for stitches and enabling surgeons the ability to perform scarless laparoscopic surgeries.
"We are very pleased about this transaction with such a global leader as Teleflex," says Epstein. "We identified Teleflex as a potential partner very early in the process and understood their interest and strategic activity in the field of microlaparoscopy." Epstein notes that InnoLap's success was very fast. "It was clear there was a huge clinical, aesthetic, and financial need for such a device."
Eran Feldhay, M.D., CEO of Trendlines Medical (Misgav), adds, "The purchase of such a young company as InnoLap is an impressive achievement and confirms both our investment strategy and process."
In the United States, an estimated 4 million laparoscopic procedures are performed annually. According to the Frost & Sullivan report, "U.S. Minimally Invasive and Laparoscopic Surgical Products," the U.S. laparoscopic resection device market is expected to reach sales of $775 million in 2014.
About The Trendlines Group
Trendlines (http://www.trendlines.com) creates and develops companies to improve the human condition. Partnering with passionate Israeli innovators, Trendlines invents, incubates, and invests in innovation-based, early-stage medical and agricultural technologies. Trendlines Medical, our investment unit for medical innovation, provides entrepreneurs with an environment that nurtures curiosity and leadership and presents investors with significant opportunities.
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SOURCE The Trendlines Group