The deal between Medos International and Rainbow calls for development work to be carried out both in Israel and the U.S., including pre-clinical trials and laboratory tests, Herzliya, Israel-based Rainbow said.
“Rainbow Medical is at the vanguard of the medical device industry in Israel. In addition to DePuy Synthes, we have partnered over the years with Medtronic (NYSE:MDT), Abbott (NYSE:ABT), Sony Corp. (TYO:6758), LivaNova (NSDQ:LIVN) and other innovative companies which have also invested in our group and our portfolio companies. Our ability to ink strategic collaborations with global leaders, already in the early development stages of the products helps ensures that the innovative solution will indeed respond to the market needs,” COO Yaron Tal said in prepared remarks.
“Our product has the potential to provide the answer to a debilitating condition that hampers the daily functioning of millions around the world. Moreover, our revolutionary approach will attempt not only to alleviate the pain but also to stop the degenerative progression, radically transforming the way the disease is treated,” added Yossi Gross, co-owner and developer of the new method.
Back in May 2013, Sony invested $10 million in Rainbow Medical.