Yediot

August 26, 2007


Protein therapeutics co Medgenics looks to AIM IPO

Israeli protein therapeutics start-up, Medgenics Inc., is planning an IPO on London's Alternative Investment Market (AIM). The company's product, which involves the subcutaneous harvesting of micro-organ tissue samples, was developed at the Hebrew University of Jerusalem commercialized by Yissum Technology Transfer Company of the Hebrew University.

Gali Weinreb 23 Aug 07 18:17

Sources inform ''Globes'' that Israeli protein therapeutics start-up Medgenics Inc. is planning an IPO on London’s Alternative Investment Market (AIM). The offering will probably be held in September or October. The company will apparently try to raise a few million dollars; the value for the offering is not yet known.

Medgenics declined to comment.

Medgenics has raised $18 million to date from Aurum Ventures MKI Ltd., Koor Corporate Venture Capital, Israel Angels Management LP, Alta Berkeley Venture Partners, Alta Partners, and Venture Partners, private investor Itay Zandbank, and US investors whose names have not been disclosed.

Medgenics’s product involves the subcutaneous harvesting of micro-organ tissue samples. The company’s in-vitro technology processes the micro-organs into a biopumps: personalized production plants for a specific protein. The amount of protein produced by each biopump per day is measured, to determine how many biopumps to administer to the patient (one or several) for proper dosing. These are then re-injected under the patient's skin, where they produce and deliver fresh protein for at least four to six months. There is no need for daily injections of the protein.

The company’s product was developed at the Hebrew University of Jerusalem and commercialized byYissum Technology Transfer Company of the Hebrew University.

Medgenics has two biopumps that have already passed the feasibility stage: Epodure, Erythroprotein (EPO) for anemia; and Infadure, an Interferon-alpha (IFNa) for hepatitis-C. A safety trial for Epodure has already been successful. The company plans to launch significant clinical trials for Epodure later this year, and for Infadure in early 2008. Proceeds from the IPO are intended to finance these trials.

Medgenics CEO Dr. Andrew Perlman founded the company. He previously founded and was CEO of a breast cancer diagnostics company now known as Mirabel Medical Ltd.

Published by Globes [online], Israel business news - www.globes.co.il - on August 23, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007


Bio-Light insiders buying company shares

Bio-Light Israel Life Sciences Investments Ltd. shares have begun to rise following their 57% fall in the beginning of August. The shares began to fall following the release of the OBEcure Ltd. clinical trial of their flagship obesity drug.


Body contour co UltraShape raises $15m

Aesthetic ultrasonic device company UltraShape Ltd. has raised $15 million in a new financing round. UltraShape Ltd. has developed an ultrasonic device for body contouring by dissolving fat cells. While UltraShape Ltd. has obtained EU CE Mark certification, UltraShape Ltd. is awaiting US Food and Drug Administration (FDA) approval for its device before following through with an IPO on Nasdaq.

Gali Weinreb and Yaniv Magal 23 Aug 07 17:22

Aesthetic ultrasonic device company UltraShape Ltd. raised $15 million in a new financing round from a number of unnamed US investors. The company declined to comment on the report.

UltraShape has developed an ultrasonic device for body contouring by dissolving fat cells. The directed focused ultrasound waves exert a mechanical force on fat cells, causing them to break down and excreted into the inter-cellular space where it is absorbed into the digestive tract and excreted. The treatment is suited for obesity or for aesthetic purposes by removing unwanted fat, which previously require liposuction. The treatment is not intended as a replacement for dieting for the grossly obese.

UltraShape has been planning an IPO on Nasdaq for the last two years, but this has been delayed, at least until it obtains US Food and Drug Administration (FDA) approval for its device (and, perhaps also an improvement in the markets). UltraShape CEO Rodger Stewart told "Globes" yesterday that the company aimed to float at a value of $300 million, if not higher, and notwithstanding this, it has not ruled out the possibility that it could be acquired.

The company obtained EU CE Mark certification back in 2005. Since Stewart took over at the helm, UltraShape has expanded, and quarterly sales have grown steadily. It now has sales in 47 countries. Half the sales are in Europe, and the rest divided equally between Latin America and the Far East. Sales for 2007 are expected to total $16 million. The company has posted aggregate sales of $35 million since it was founded.

UltraShape was founded by Yoram Eshel, formerly director R&D at Angiosonics Inc. The company's investors include Israel Seed Partners, Polaris Venture Partners, Yoel Geva (founder and CEO of the largest private school in Israel, preparing 16, 000 students a year through courses, books, software, and online services for the Israeli matriculation exams), and the Chief Scientist through the Tnufa project. Stewart’s previous position was president of the Sorin Group’s North America Region.

Published by Globes [online], Israel business news - www.globes.co.il - on August 23, 2007


Medigus looks to FDA trials after encouraging results

Dr. Amol Bapaye of the Deeanath Maneshkar Hospital and Research Center in Puna has carried out trials of Medigus Ltd.'s SRS System endoscope treatment device for Gastroesophageal Reflux Disease (GERD). As a result of the encouraging preliminary results, Medigus Ltd. plans to apply to the US Food and Drug Administration to conduct human clinical trials.


BrainStorm to meet FDA on Parkinson's trials

BrainStorm Cell Therapeutics Ltd. has approached the US Food and Drug Administration to initiate clinical Phase I trials on its flagship product, which is to be used in the treatment of Parkinson's disease. The company aims to be the first worldwide to conduct trials using adult stem cells.


Itamar Medical set to sign deal with Kaiser

In a deal said to be worth several million dollars, Itamar Medical Ltd. is set to sign a contract with US healthcare company Kaiser Foundation Health Plan Inc. The deal would include the sale by Itamar Medical Ltd. of its Watch – PAT 100 device for diagnosing sleep-related breathing disorders. This deal is expected to pave the way for agreements between Itamar Medical Ltd. and other US healthcare companies.