Xenia: Olympus acquires Meditate – you will receive NIS 34 million – the capital market

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The investor in companies in the Stage Early phase, mainly in the life sciences field, reports that the Japanese medical device company Olympus has announced the exercise of the option to acquire the company held by Medite (14%). Following the exercise of the option, the company is expected to receive approximately $ 34 million, in exchange for its share in Meditate.

Meditate develops products for the treatment of diseases of the urethra and prostate. The company’s flagship product is – iTind – a minimally invasive treatment for patients suffering from enlarged benign prostatic hyperplasia (BPH) which is one of the most common urological diseases in men, which 40% of men over the age of 50 suffer from.

Meditate has sales approvals in Europe, Israel, Canada, Brazil and South Africa. And a global distribution agreement with Olympus, an international medical device company that specializes in innovative solutions for the early detection of minimally invasive diseases and treatments. After receiving approval for the sale of iTind in the US from the FDA in February 2020, Olympus began distributing iTind in the US. And in August 2020, Meditate received an APC code that allows it to receive indemnity in the sale of iTind in the United States.

Eli Sorzon, CEO of Xenia: “We are pleased to exercise Olympus’ option to acquire Xenia’s portfolio company – Meditate, a significant achievement for Xenia’s shareholders. Meditate was established by Xenia together with entrepreneur Ido Kilmanik. Xenia accompanied Meditate from the concept stage to the exit. Meditate’s achievement joins the success of our other portfolio company, Polypid, which successfully completed an IPO at Nasdaq during 2020. The successes of our portfolio companies illustrate Xenia’s ability to bring companies from the early stages of their lives to realize their potential, thus creating value for our shareholders. We believe that more companies in Xenia’s portfolio will continue to achieve significant technological and business achievements. ”