from the April 2008 issue

GE Healthcare buys Versamed

GE Healthcare, recently acquired medical device company Versamed Medical Systems Inc., a maker of portable life-support ventilators for $40m. Versamed makes software-based smart mechanical life-support ventilators for a range of treatment situations. The company's first product, the iVent 201, is designed for treatment in the field and emergency care. The US Food and Drug Administration (FDA) has approved it for marketing for use in hospitals and patients' homes ambulances, and emergency treatment in the field.

Versamed was founded in Israel in 1995, but is now headquartered in the US. It has 100 employees and said that it would post $30 million revenue this year. The company obtained FDA approval relatively quickly, and began sales in 1999.

The company graduated from Ofakim Hi-Tech Ventures incubator and raised $17 million from a number of investors, including Aura Investments Ltd. (TASE:AURA), TechnoPlus Ventures Ltd. (TASE:TNPV), FIBI Holdings Ltd. (TASE: FIBI), Technorov Holdings (1993) Ltd., Tripod Investments, Wheatley Partners, and a number of private investors.

Reprinted from the Israel High-Tech & Investment Report April 2008

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