Laborie Medical Technologies Inc, a portfolio company of U.S. private equity firm Audax Group, has made a strategic investment in Medi-Tate Ltd, an Akiva, Israel-based medical device company. No financial terms were disclosed. Founded in 2007, Medi-Tate is the developer of iTind, a procedure to treat the symptoms of enlarged prostate in men. Medi-Tate said the partnership with Laborie will help it to deliver the solution to over 500 million patients. Laborie, a Toronto-based provider of urodynamic testing equipment and consumables, was bought by Audax in July 2012.
Laborie Completes Strategic Investment In Medi-Tate Ltd.
TORONTO, July 7, 2016 /CNW/ — Laborie Medical Technologies (“LABORIE”), based in Toronto, Canada, has completed an investment in Medi-Tate Ltd. Medi-Tate, headquartered in Akiva, Israel, is an Israeli medical device company focused on research, development, manufacture and sale of innovative solutions for the treatment of Benign Prostatic Hyperplasia (BPH).
LABORIE’s investment in Medi-Tate continues the company’s focus on providing innovative products to support Urology and Gastroenterology customers.
Medi-Tate has developed iTind, a minimally invasive procedure to treat the symptoms of enlarged prostate in men whose primary other treatment options would be pharmaceutical therapy or surgery. The iTind procedure uses a 5 day implant to reshape the prostatic urethra and create new channels through which urine can flow, without the complications associated with drugs and surgical interventions. The iTind system for treatment of BPH is currently only available for sale in the European Union and Canada. iTind is an investigational device limited by federal law to investigational use only in the United States.
“This is a very strategic investment for LABORIE,” stated Brian Ellacott, LABORIE President and CEO. “Medi-Tate has developed an innovative technology for the treatment of BPH which overcomes the concerns of BPH sufferers – that most of the available treatment options, whether pharmaceutical or surgical, come with a risk of damaging the functionality of the prostate which in turn can negatively affect sexual function.”
Medi-Tate Founder and CEO, Ido Kilemnik stated, “We are very pleased to be partnering with LABORIE. By combining our iTind technology with LABORIE’s Urology expertise and global footprint, we will be better able to quickly bring the iTind solution to the over 500 million aging men impacted by BPH.”
LABORIE is a leading global developer, manufacturer and marketer of innovative medical technology and consumables for diagnosis and treatment in Urodynamics and Gastroenterology as well as other pelvic floor disorders. LABORIE is a portfolio company of Audax Private Equity.
For more information regarding LABORIE’s comprehensive line of products, please visit www.laborie.com or call +1 905.612.1170.
Photo courtesy of Medi-Tate Ltd