Trendlines Portfolio Company Acquired by Covidien
Covidien Announces Third Israeli Acquisition in Less than Three Months: PolyTouch, A Portfolio Company of The Trendlines Group's Misgav Venture Accelerator
TEL AVIV, Israel, April 30, 2012 /PRNewswire/ --
The Trendlines Group's Misgav Venture Accelerator portfolio company PolyTouch Medical Ltd., a leading developer of hernia mesh placement technologies, was acquired by Covidien (NYSE: COV), a leading global provider of healthcare products that is traded on the New York Stock Exchange at a current market value of $26 billion.
According to Steve Rhodes, Chairman and CEO of The Trendlines Group, "The PolyTouch acquisition adds to other recent successes, including floating two portfolio companies, ETView and FlowSense, on the Tel Aviv Stock Exchange. Since the establishment of The Trendlines Group in 2007, more than $140 million has been invested in our portfolio companies - above and beyond the investments made by Trendlines. For us, the sale of PolyTouch represents another important milestone and impressive achievement. Within two years, this portfolio company has developed a new technology, attracted investments, received regulatory clearances and was acquired by Covidien, an innovative leader in the industry."
PolyTouch Medical was in established March 2009. The company developed a device for the precise and rapid deployment and placement of mesh during laparoscopic soft tissue repair procedures. PatchAssist™, the leading product, was further developed to become AccuMesh™, an innovative endomechanical device facilitating insertion, deployment and placement of mesh during laparoscopic ventral hernia repair. Covidien launched the AccuMesh device earlier this year.
PolyTouch's success was extraordinary for medical device start-ups. Within two years of its founding, PolyTouch received FDA clearance to market the product. The Trendlines Group, the Company's largest single shareholder (through its Misgav Venture Accelerator) raised additional funds for the company from a group of private investors.
The Trendlines Group (http://www.trendlines.com) establishes, invests in, and develops innovation-based businesses in the medical and agritech fields. Seed-stage investors, Trendlines invests principally through a platform of Israeli government-licensed business accelerators, Misgav Venture Accelerator (http://www.misgav-venture.com) and Mofet Venture Accelerator (http://www.mofet-venture.com). The Trendlines Group creates and develops companies that improve the human condition.
The Trendlines portfolio includes 55 companies, including 15 that have already brought products to market. Over the last four years, Trendlines has attracted investments exceeding $140 million.
Dorit Orly +972-52-2525167 | Ofir Shpigel's Media and Public Relations | +972-4-9535030
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