Deal Expands Product Line With Revolutionary Endoscope
Alpharetta, Georgia-based EndoChoice has announced that it will merge with Peer Medical Ltd., a privately held Israeli company developing innovative endoscopy technology. The combined company will operate under the EndoChoice name and be headquartered in metro Atlanta with its R&D center based in Caesaria, Israel and a manufacturing plant is to be established in Germany. The deal is expected to create 200 new jobs.
EndoChoice also announced that it has closed a $43 million fund-raising round led by Sequoia Capital and its existing investors to finance projected growth.
A platform-technology company, EndoChoice provides devices, diagnostics, infection control and imaging for specialists treating a wide range of gastrointestinal diseases. The company currently has over 2,500 customers and distribution in 34 countries worldwide, and was recently recognized for the third consecutive year as one of the fastest growing companies in the U.S. by Inc. Magazine.
Peer Medical has developed a proprietary video system and Full Spectrum Endoscope™ that greatly expands the field of view during endoscopy and colonoscopy, helping gastroenterologists detect more cancerous polyps and abnormal lesions. Conventional endoscopes have a 170 degree field of view. The Full Spectrum Endoscope™ provides up to a 330 degree view, making it a far more effective diagnostic tool. The product is not yet available for sale, although it has received a CE Mark, ISO 13475 certification and FDA 510(k) clearance.
“It is well known that we are missing 25% to 40% of polyps during colonoscopy. Conventional scopes are comparable to driving a car without side windows — can you imagine all the things you are missing? The Full Spectrum Endoscope™ provides the side windows for a full view and it is a tremendous difference. This technology will save lives,” said Mark Gilreath, Founder & CEO of EndoChoice. “We are very impressed with the R&D team in Israel. Their capabilities and insights will fuel the future growth of EndoChoice for many years to come as we continue to build a great platform company,” he added.
Peer Medical Founder & CEO Avi Levy said, “We were attracted to EndoChoice because they share our passion for service and providing GI physicians with new technology that improves patient care. We are thrilled that the fastest growing medtech company in the U.S. will now be offering the world’s most innovative endoscope. We look forward to building on EndoChoice’s platform and established customer base and working together to commercialize this breakthrough technology.”
Gilreath first became involved with Israeli medical device technologies when he served as president of Given Imaging’s North America operation based in Atlanta and later as their corporate vice president of Global Marketing. He has been an active member of the American-Israel Chamber of Commerce, SE Region Board of Directors for more than 12 years.
“We’re very proud and excited about this merger that further enhances the GI industry and both Atlanta’s and Israel’s reputation as medical device technology centers. The deal will also create high paying jobs in both countries for years to come,” said AICC President Tom Glaser.