Or Yehuda, Israel – February 8th, 2021, EndoWays, developer of a disposable robotic system for the cathlab, today announced the completion of an acquisition of a majority of its shares by Ascendum at an undisclosed cash amount.
EndoWays, which was founded in 2018 by Noam Shamay, Tovy Sivan and Tamir Ben David, is a portfolio company of MEDX Xelerator. During its incubation time, EndoWays developed a first-of-its-kind, fully disposable robotic system to support navigation and operation within blood vessels in neurovascular, peripheral and cardiac procedures. The deal will provide EndoWays with access to the vast experience and network of the Ascendum team, helping accelerate its clinical and commercial development, especially in China.
“Our vision is to provide an easy to use and cost-effective tool for the cathlab that will facilitate difficult procedures and allow physicians to work accurately through tortuous blood vessels away from radiation,” said Noam Shamay, EndoWays’ founder and CEO. “With the support of Ascendum’s experience and resources we can continue to make this vision a reality.” Shamay will serve as the company‘s chief technology officer post acquisition.
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“EndoWays was our very first incubator portfolio company, making its acquisition after less than three years since its founding, a significant milestone,” said Shai Policker, CEO of MEDX Xelerator. “We are proud of the achievements of the team and look forward to the company’s continued success.”
“EndoWays provides attractive competitive advantages that can accelerate entry of robotics into the cathlab, which we believe will be highly valuable to future clinical practice,” explained Ms. Serena Shao, Founder and Managing Partner from Ascendum. “After the closing, Endoways is going to move into the incubator of our strategic partner, DiNovA Medtech, based in Israel, to continue development until commercial launch.”
Prof. Chaim Lotan, who will step in as EndoWays’ Chief Medical Officer added, “The unique features of this robot can help navigate through torturous pathways and enable complex procedures. This, together with the reduced radiation exposure for the user through use of this system, makes this technology very attractive to interventional radiologists and cardiologists.”
Founded in 2018 by Noam Shamay, Tovy Sivan, and Tamir Ben David is a portfolio company of MEDX Xelerator. Endoways created the first disposable robot for the cathlab. The technology, currently in pre-clinical stage is designed to help radiologists and interventional cardiologists navigate through blood vessels and perform complex procedures while being away from radiation in another room or even in another continent. The disposable design of the robot makes it affordable and easy to use for the physician with minimal setup time required.
About Ascendum Capital
Ascendum Capital is a new healthcare-focused investment platform, founded in 2020, which specializes in innovative MedTech, Biotech and other healthcare-related technology. Ascendum aims to accelerate the R&D and commercialization of global leading healthcare technologies, and support healthcare companies for expansion or acquisitions with a particular focus on the Chinese market.
About MEDX Xelerator
MEDX Xelerator is a leading medical devices incubator formed as an initiative of Boston Scientific, MEDX Ventures Group, and Sheba Medical Center. Operating under the auspices of the Israel Innovation Authority, MEDX Xelerator leverages the healthcare expertise and industry experience of its team with the industry leading insights of its partners to nurture its portfolio companies into successful medical ventures for the benefit of patients and health care professionals. MEDX’s other portfolio companies includes: Append Medical, Exero Medical, PatenSee, Swift Duct, Dimoveo and Synchrony.