Laborie Medical Technologies said it took out a stake in Israel’s Medi-Tate, which is developing devices to treat enlarged prostates, for an unspecified amount.
Toronto-based Laborie, which is owned by private equity company Audax Group, in October 2013 acquired the pelvic muscle rehabilitation business of UroMed Technology, also for an undisclosed amount.
Akiva, Israel-based Medi-Tate developed a minimally invasive treatment for benign prostate hyperplasia called iTind, which uses a 5-day implant to reshape the urethra and create new channels for urine flow. It’s designed to lower the risk of post-procedural sexual dysfunction associated with pharmaceutical or surgical treatments, Laborie said.
“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,” Medi-Tate founder & CEO Ido Kilemnik said in prepared remarks.
“This is a very strategic investment for Laborie,” added president & CEO Brian Ellacott. “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.”
The iTate device won CE Mark approval in the European Union in January 2012.