Collaboration advances ability to deliver frame-based implants with various coverings and coatings
NASHUA, New Hampshire, June 13, 2019 /PRNewswire/ --Resonetics announced today that it has made an additional equity investment in and provided debt financing to Medibrane, based near Tel Aviv, Israel. Resonetics first acquired a minority ownership in Medibrane as part of its November 2018 acquisition of STI Laser, also based in Israel. Medibrane designs, develops and manufactures customized polymeric coverings and coatings that are used with nitinol frames in interventional procedures for structural heart, interventional cardiology, neurovascular and other minimally invasive procedures.
"Having worked with the founders at Medibrane for the past six months, we've grown increasingly excited about the synergies between Medibrane innovative coverings technology and Resonetics' growing nitinol processing capabilities," said Tom Burns, President and CEO of Resonetics. "In just a few years, the Medibrane team has developed a full suite of capabilities that our mutual customers require. This additional investment by Resonetics will allow the business to scale faster to serve our medical device customers, while also leveraging our expanded facilities and manufacturing infrastructure in Israel."
"We're excited to broaden our relationship with Resonetics and to be able to do more for our international customer base," said Elad Einav, CEO and co-founder of Medibrane. "The collaboration has already been productive and as we move projects towards commercialization, the synergies will be even greater." Dr. Amir Kraitzer, CTO and co-founder noted, "With the additional financial and technical resources Resonetics brings, we'll be able to accelerate our advanced development efforts and prepare for full production scale-up of multiple technologies."
Founded in 1987, Resonetics is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. The company designs, builds and services its own laser workstations to solve complex medical manufacturing challenges. Resonetics also manufactures thin-wall, stainless steel tubing, precious metal radiopaque marker bands and provides nitinol processing, as well as precision grinding, forming and machining of tight tolerance components and subassemblies for medical devices. The company is ISO 13485:2016 certified with facilities in the U.S., Costa Rica, Israel and Switzerland. Resonetics is owned by Regatta Medical, a portfolio company of GTCR. Learn more at www.resonetics.com
About GTCR Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com. Regatta Medical was formed in April 2017 as a partnership between Robert "Chip" Hance, Mark Weishaar, and GTCR. Regatta Medical's mission is to build a leading company in the medical device industry by acquiring outstanding medical device products and services businesses. For more information about Regatta Medical, please visit www.regattamedical.com
About Medibrane Medibrane Ltd. designs, develops, and manufactures customized polymeric biomaterial coverings and coatings for medical frame-based applications covering a diverse range of minimally invasive applications. The company has compiled a portfolio of biomaterial manufacturing processes for various device geometries utilizing enhanced processing techniques. This has enabled Medibrane to compress development cycles to help clients get their products to market quicker. Medibrane is ISO 13485:2016 certified.