Israeli firm EndoWays, the developer of the first disposable robotic system for the cathlab, announced on Monday that it will be acquired by Hong Kong-based Ascendum Capital, a new healthcare-focused investment platform founded in 2020.
The financial details of the cash deal were not disclosed.
Founded in 2018 by Noam Shamay, Tovy Sivan and Tamir Ben David, EndoWays has developed a first-of-its-kind, fully disposable robotic system to support navigation and operation within blood vessels in neurovascular, peripheral and cardiac procedures. EndoWays is a portfolio company of MEDX Xelerator.
The deal will provide EndoWays with access to the vast experience and network of the Ascendum team, helping accelerate its clinical and commercial development, especially in China, a statement from the company said.
Healthcare investment platform Ascendum Capital specializes in innovative MedTech, Biotech, and other healthcare-related technology. Ascendum aims to accelerate the R&D and commercialization of global leading healthcare technologies and support healthcare companies for expansion or acquisitions with a particular focus on the Chinese market.
“Our vision is to provide an easy to use and cost-effective tool for the cathlab that will facilitate difficult procedures and allow physicians to work accurately through tortuous blood vessels away from radiation,” said Noam Shamay, EndoWays’ founder and CEO. “With the support of Ascendum’s experience and resources we can continue to make this vision a reality.”
Shamay will serve as the company’s chief technology officer post-acquisition.
“EndoWays provides attractive competitive advantages that can accelerate entry of robotics into the cathlab, which we believe will be highly valuable to future clinical practice,” said Serena Shao, Ascendum founder and managing partner.
“After the closing, Endoways is going to move into the incubator of our strategic partner, DiNovA Medtech, based in Israel, to continue development until commercial launch,” she added.