Peregrine Ventures, an investment firm dedicated to supporting healthcare opportunities, announced this week the establishment of a consortium of leading companies and research institutes that have joined its Incentive Technology Incubator and will invest NIS 300 million in medical startups.
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The new members include global pharmaceutical leader Bristol-Myers Squibb, medical devices and diagnostics company BD (Becton Dickinson and Company), international high technology company Elbit Systems, and institutional leaders Tel Aviv University, Ben-Gurion University of the Negev, and Shaare Zedek Medical Center.
The consortium will jointly develop and invest the funds in startups operating in and graduates of Peregrine's technology incubator, focusing on the disciplines of targeted medical therapeutics, medical devices, pharmaceuticals, advanced diagnostics for identification, monitoring, and personalized medication, alongside breakthrough medical devices, such as AI-integrated robotics and sense-based specific therapies, among others.
The incubator's model has yielded extraordinary results to date, with 34 out of the 60 companies that were established in the incubator, remainign active. Some of the partnership's most noteworthy include Valtech Cardio which was sold to Edwards Lifesciences for $690 million, CartiHeal, which was acquired by Bioventus for $500 million, Cardiovalve, which was recently sold to Venus, Eximo Medical which was sold to AngioDynamics and Neovasc.
"The establishment of this consortium will enrich and diversify our ability to lead young life sciences ventures, support them financially in every phase of their lifecycle including follow-on investments in their growth stages, and lead them to success in the global market," Eyal Lifschitz, Managing Partner and Co-Founder of Peregrine Ventures said ."This is an integrated, global, and elite team that has the confidence in the ability of Israeli entrepreneurs to develop the next generation of successful medical companies. All the while improving patients' quality of life and lowering global mortality. Besides the extensive capital that is available as a result of this consortium, all parties will harness their professional networks, industry know-how, and business relations to ensure the success of these important medical technology startups."
Lior Shahory, General Partner at Peregrine Ventures and CEO of Incentive Incubator concurred.
"The integration of all the strategic shareholders, research institutes, and technological partners will lead to a substantial leap forward in the initiation of global medical technology companies and their success," he said.
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