AICC March Medical Committee meeting was hosted by Habif Arogeti & Wynne at their new Atlanta offices. Yelena Opova, a Partner, welcomed the group. The Innovation Factory presented the organization and Polytex presented their solution. The committee recapped the very successful US-Israel Telehealth Business Exchange from February and started discussing a possible future event. The committee decided to go ahead with a luncheon on May 18th for the 16 Israeli companies attending the BIO 2009 conference in May. Twenty six members, guests and staff attended the meeting chaired by Charlie Harrison.
CEO Steven Waite presented this Duluth-based company that funds promising medical technology ideas in their earliest stages, develops them into groundbreaking products, and leads them to market via new companies that they launch and manage. The company was founded 10 years ago, and three of the partners were founders of Novoste. They have funded 10 companies, raising $400 million for them, and have access to other significant investors in Boston and Silicon Valley who co-invest. Their first fund was raised in 2003, and invested $55 million, and the second fund of $175 million has invested half of the amount in TIF’s own companies and the other half in other medical device companies. An aesthetic device portfolio company recently had a $300 million exit.
Recognizing Israeli’s creativity in medical device technology, TIF began to focus on Israel in 2006, and subsequently have reviewed over 200 technologies and developed close relationships with universities, VCs, incubators, and entrepreneurs there. They look to invest in companies that have a $.5 to $1 billion market opportunity with a clear path for regulatory and reimbursement. They have seeded research programs in Israel and visit Israel six times a year. Their goal is to start one new company a year from Israel.
Gabe Blau gave a presentation on this Hadera-based company whose US subsidiary is in the New York area. The company has developed a solution for dispensing, retrieval, and management of textiles including uniforms, towels, garments, and more. The system provides real-time information and detailed reports about inventory status, consumption, and the condition of the system itself and effectively tracks usage and prevents losses through designated distribution of items using advanced textile identification technology. Their target market is hospitals, and they have three different scrub dispensing machines with 80 systems currently installed including many of the leading hospitals in Israel.