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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.