EndoChoice to merge with Israel-based endoscopy technology developer

6 January 2013 (Last Updated January 6th, 2013 18:30)

US gastrointestinal endoscopy company EndoChoice has entered into an agreement to merge with Israeli company Peer Medical.

US gastrointestinal endoscopy company EndoChoice has entered into an agreement to merge with Israeli company Peer Medical.

Peer Medical's commercial products include a proprietary video system and full spectrum endoscope, which provides up to a 330° view during endoscopy and colonoscopy, thus enabling gastroenterologists to detect more cancerous polyps and abnormal lesions.

Peer will be operated under the EndoChoice name, upon completion of the merger, and will be headquartered in Alpharetta, Georgia, US, with its R&D centre based in Israel, according to EndoChoice.

"Peer will be operated under the EndoChoice name, upon completion of the merger, and will be headquartered in Alpharetta, Georgia, US, with its R&D centre based in Israel, according to EndoChoice."

EndoChoice founder and CEO Mark Gilreath said the R&D team's capabilities and insights will fuel the future growth of the company.

The financial details of the merger agreement have not been disclosed.

Peer Medical founder and CEO Avi Levy said the company agreed to merge with EndoChoice because it shares the same passion to provide GI physicians with new technology that improves patient care.

"We are thrilled that the fastest growing medtech company in the US will now be offering the world's most innovative endoscope," Levy said.

"We look forward to building on EndoChoice's platform and established customer base and working together to commercialise this breakthrough technology."

In addition, EndoChoice has closed a $43m fund-raising round led by Sequoia Capital and its existing investors to finance projected growth.