Hezi_Himelfarb

Hezi_Himelfarb

Congratulations to our ExScite friend Hezi Himelfarb, Remon  Medical Technologies’s CEO.
(21 Jun 07) Caesarea-based Remon Medical Technologies, developer of intra and inter-body wireless communication for early warning systems of heart failure, is expected to sign a final agreement for its sale to medical devices giant Boston Scientific.
www.remonmedical.com develops and commercializes smart, miniature implants which enable physicians to assess and treat a variety of medical conditions in a non-invasive manner. The company’s technology utilizes wireless communications to exchange energy and data with minute devices placed deep inside the body.
The company will receive an initial payment of $80 million, with later payments from agreed upon milestones and royalties, which are expected to reach $300 million.
The parties declined to comment on the report, and the future of the Israeli company and its dozens of employees remains unclear.
Remon Medical had already raised $40-50 million from various other funds including Ofer Hi Tech Ltd., Biomedical, US fund Polaris Venture Partners, and others.
Remon, which was founded in 1997, developed a method for increasing the effectiveness of ultra-sound transmission by three orders of magnitude, meaning 1000 times.