MISGAV, Israel, April 30, 2012 /PRNewswire/ --
PolyTouch Medical Ltd., a leading developer of hernia mesh placement technologies, was acquired by Covidien (NYSE: COV), a leading global provider of healthcare products that is traded on the New York Stock Exchange at a current market value of $26 billion.
PolyTouch Medical Ltd. developed a device for the precise and rapid deployment and placement of mesh during laparoscopic soft tissue repair procedures. PatchAssist™, the leading product, was further developed to become AccuMesh™, an innovative endomechanical device facilitating insertion, deployment and placement of mesh during laparoscopic ventral hernia repair. Covidien launched the AccuMesh device earlier this year.
The company was founded in March 2009 by Ofek Levin, Arik Levy and Lena Levin, the winners of BizTEC07 Israel national entrepreneurship competition and the founders of Via Surgical Ltd.
"We are thrilled to have found a partner in Covidien for PatchAssist," commented Ofek, Levin, Founder and CEO. "The rapid development of our technological platform and our success in gaining FDA clearance for this important product has resulted in this transaction."
William Edelman, Chairman of the Board for PolyTouch commented, "The ability of innovative medical device companies such as PolyTouch to rapidly focus on technologies and products of high clinical need is an important driver of value creation for the clinical community as well as medical device investors. The PolyTouch model of focused investment and dedicated management execution has resulted in this vote of confidence by Covidien, one of the world-premier medical device leaders."
PolyTouch was advised by Morgan Keegan & Company, Inc., now part of Raymond James & Associates, Inc.
PolyTouch Medical Ltd. was founded in March 2009 by Ofek Levin, Arik Levy and Lena Levin, the winners of BizTEC07 Israel national entrepreneurship competition and the founders of Via Surgical Ltd. (http://www.viasurgical.com). PatchAssist™ is an innovative laparoscopic surgical instrument that enables accurate and rapid delivery and placement of soft tissue prosthetics for a variety of procedures, including laparoscopic ventral hernia repair (LVHR) potentially reducing procedure time by 30%-50%.
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. Please visit http://www.covidien.com to learn more about Covidien.
SOURCE PolyTouch Medical Ltd.