XENIA AND US-BASED VLSI INVEST NIS 3.7 MILLION IN XENOLITH
For Immediate Release
February 2, 2011
Xenolith Medical is developing retention devices to prevent stone migration to kidneys during Endo-ureteroscopic procedures
Kiryat Gat, Israel – Xenia Venture Capital (TASE:XENA) announced the signing of an investment agreement between Xenia and Xenolith Medical Ltd. Xenolith Medical is developing a endo-ureteroscopic device designed to prevent stone migration to the kidneys during laser lithotripsy procedures. Virginia Life Science Investments (VLSI), which has collaborated extensively with Xenia on select medical device portfolio companies, will invest $500,000 in Xenolith.
According to Anat Segal, CEO of Xenia: “We are happy to add a promising company such as Xenolith to our investment portfolio and believe that, similarly to our other medical device companies, it will create value for Xenia’s shareholders. I would like to stress that VLSI, with its commercialization arm, the Virginia BioSciences Commercialization Center, which specializes in investing in medical device companies and has pushed forward many of our companies, is a very significant force for Xenolith Medical’s future.”
Xenia will invest in Xenolith Medical approximately NIS 1.9 million, NIS 1.7 million of which constitute a government loan. According to the agreement, Xenia will hold 27.50 percent of Xenolith Medical’s shares, fully diluted. In addition to Xenia, US-based investment fund VLSI, which specializes in investing in medical device companies, will co-invest in Xenolith Medical. To date, VLSI has invested in four of Xenia’s portfolio companies.
Xenolith’s endo-ureteroscopic device is designed to provide for a more efficient, safer and quicker Intracorporeal Shock Wave Lithotripsy (ISWL) procedure than in existence today. Renal stones and urinary tract stones occur in 5-7 percent of women and 10-12 percent of men worldwide, i.e., 5 million new cases are diagnosed each year.
About Xenia Venture Capital: Xenia Venture Capital (TASE: XENA) is a publically traded investment company which operates a privatized technological incubator. Xenia Venture Capital specializes in investments in companies and start-ups in the fields of medical devices and IT. Among Xenia’s founders and main shareholders are the Novacom Group, controlled by Avishay Noam and H. Mer Industries, Anat Segal (CEO), as well as leading high-tech figures and institutional investors. Xenia’s Board of Directors and Advisory Board comprise highly successful business entrepreneurs, members of Israel’s high-tech elite, such as Dr. Orna Berry, Mr. Avi Lior, Mr. Roni Einav, Mr. Aki Ratner, Mr. Gideon Mantel, Dr. Yafit Stark, Prof. Yossi Shaham, and others. Xenia’s goal is to jump-start and support entrepreneurs so as to increase their chances of success in world markets and enhance the realization of their companies’ business potential. Since its establishment at the end of 2003, Xenia Venture Capital has invested in twenty companies, many of which have completed follow-on investments and have gone on to launch their sales efforts and form valuable international partnerships. Leading IT portfolio companies include, among others, Correlix, Arcos, BandWD, AdYouNet, Superfish, M-Photo, Intuview, and Playcast. In the medical devices field, Xenia has invested in BioProtect, PolyPid, NeatStitch, Medi-tate, ActiVein, NexSig, Slimedics, Xenolith Medical and Ortho-Space, among others. Please visit our website at: www.xeniaventures.com
About VLSI and the VBCC: The Virginia Biosciences Commercialization Center (VBCC), a wholly owned subsidiary of Virginia Life Science Investments, LLC (VLSI), develops and leads implementation of tailored commercialization strategies for later-stage bioscience companies looking to launch their product(s) in the U.S and other markets throughout the world. This comprehensive program surrounds each company with scientific, clinical and industry experts focused on every facet of the commercialization process, assuring effective scale-up and maximization of enterprise value. Virginia Life Science Investments, LLC, the Commercialization Center’s parent company, can provide financial support for companies who represent an attractive investment opportunity. Once in the program, the companies are supported through a process aimed at accelerating the ability to meet milestones reducing financial, management and market risk and increasing the company’s value. To date VLSI has invested in 9 Israeli companies. www.vbcc-inc.com
About the Park: The Virginia BioTechnology Research Park is currently home to a unique mix of over 66 public and private bioscience companies, research institutes affiliated with the VCU Medical Center, and major state and national medical laboratories. These companies are housed in nine buildings totaling more than 1.1 million square feet of space, representing an employee base that exceeds 2,000. The Park’s nationally recognized biosciences business incubation program, the Virginia Biosciences Development Center (VBDC), has successfully graduated more than 40 client companies, including three publicly traded firms. VBDC’s client companies and graduates have attracted more than $400 million in equity, grant and strategic capital. The Park’s Virginia Biosciences Commercialization Center (VBCC) has been created to assist international life sciences companies locating at the Park with commercialization activities through M&A or IPO, giving these Park’s tenants full-scale business assistance as they enter the US market. The Commercialization Center is working with 12 bioscience companies with technologies ranging from medical devices to diagnostics and therapeutics. www.vabiotech.com
Contact:
Nicole M. Colomb
VP, Marketing & Business Development
Virginia Biosciences Commercialization Center
Phone: 804-212-2974
Email: ncolomb@vbcc-inc.com
Courtney L. Skunda
Marketing and Communications Manager
Virginia BioTechnology Research Park
Phone: 804-827-2137
Email: cskunda@vabiotech.com
