Olympus, a Japanese medical corporation, has paid $300 million to acquire 100% of Israeli medtech startup Medi-Tate. Olympus made its initial investment in Medi-Tate of $20 million in November 2018, under an agreement that included the rights to distribute Medi-Tate products. That investment also gave Olympus an option to acquire 100% of the Israeli company at a later date.
Founded in 2007 by its CEO Ido Kilemnik, Medi-Tate is an Israeli medical device company which works to improve men’s healthcare and quality of life via effective, non-surgical solutions for Benign Prostatic Hyperplasia (BPH). Its flagship iTind treatment for BPH currently has the EU CE Mark and is approved for sale in the European Union, UK, Israel, Australia, Brazil, and the FDA cleared for use in the United States.
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iTind is a temporarily implanted nitinol device which supports the relief of LUTS due to BPH. The iTind treatment is performed by a urologist in an outpatient hospital, ambulatory surgery center or a clinic, where the device is placed in the prostatic urethra in a folded configuration.
The device slowly expands and exerts gentle pressure at three precise points to reshape the prostatic urethra and bladder neck. After five to seven days, the device is completely removed, leaving a wider opening through which urine can flow, and to relieve the symptoms of BPH.
Ido Kilemnik said in a statement, “We are pleased to be joining Olympus, which shares our vision of making iTind the global standard for BPH treatment. Today’s announcement is a testament to our focus on long-term clinical results and the hard work and dedication of the entire Medi-Tate team. We are excited to be cooperating with Olympus in our effort to improve patients’ lives.”
“As the current market leader in the BPH surgery field, Olympus has the ideal platform to propel iTind onward and ensure many men have better access to this important method of treatment,” said Vanessa Malka, Medi-Tate’s VP of Marketing and Business Development.