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EndoChoice Expands Product Line With Revolutionary Endoscope Through Merger With Peer Medical
Sequoia Capital Leads $43 Million Round to Fund Deal
By: Marketwired .
Jan. 5, 2013 02:00 AM
ALPHARETTA, GA and CAESAREA, ISRAEL -- (Marketwire) -- 01/05/13 -- EndoChoice, Inc., a platform-technology company focused on gastrointestinal (GI) endoscopy, announced today 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 Alpharetta, Georgia, with its R&D center based in Israel. 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. 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. Mark Gilreath, Founder & CEO of EndoChoice, said, "It is well known that we are missing 25 to 40 percent 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 Peer Medical Founder & CEO, Avi Levy, "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." "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," Gilreath said. The Full Spectrum Endoscope is not yet available for sale, although it has received a CE Mark, ISO 13475 certification and FDA 510(k) clearance.
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