Olympus has exercised its option to acquire Israeli medical device company Medi-Tate to drive growth in its urology business and expand its minimally invasive treatment product portfolio.
Medi-Tate develops, manufactures, and markets benign prostatic hyperplasia (BPH) treatment devices for transurethral resection of the prostate (TURP) procedures, including resectoscopes, as well as a range of electrodes.
Olympus chief operating officer Nacho Abia said: “The investment in Medi-Tate has expanded our patient care offerings in BPH, adding to Olympus’ market-leading plasma resection portfolio for TURP.
“Our partnership with Medi-Tate has supported one of Olympus’ key strategic initiatives to drive growth in our urology business and to expand our minimally invasive surgical solutions, enabling further improvement of clinical outcomes, reduction of overall costs, and enhancement of patients’ quality of life and safety.”
In 2018, Olympus initially secured the rights to distribute Medi-Tate’s products, along with an option to acquire 100% of Medi-Tate later.
Medi-Tate’s leading product, iTind, is a temporarily implanted nitinol device that supports the relief of lower urinary tract symptoms (LUTS) due to BPH.
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With EU CE Mark, the device is US Food and Drug Administration (FDA) cleared for use in the US and is approved for sale in the EU, UK, Israel, Australia, and Brazil.
Depending on the past two years’ iTind sales experience and clinical value of the product, Olympus has decided to exercise its option to acquire Medi-Tate to explore its potential in BPH treatment.