New Jersey-based medical devices company Vention Medical said it acquired Lithotech Medical, a leading Israeli developer of complex nitinol alloy (NiTi) wire-based technologies. Nitinol is a metal alloy of nickel and titanium.
The acquisition will expand Vention’s broad portfolio of advanced components and technologies for the development and manufacturing of medical devices for the interventional market.
Founded in 2001, Lithotech employs a multidisciplinary team of technical experts including physicists, material and mechanical engineers, and regulatory and quality control experts. The team has designed and developed more than 100 products for customers worldwide, with dozens of products currently on the market.
Vention is a global integrated solutions partner with more than 30 years of experience in design, engineering and manufacturing of complex medical devices and components. The company specializes in components and services used in interventional and minimally invasive surgical products including catheters, reinforced shafts, balloons, extrusions, polyimide tubing, heat shrink tubing, PTFE liner tubing, molded components, and finished device assembly and packaging.
Vention will now have the capability to seamlessly integrate nitinol into customers’ design and development projects. With its ability to scale, Vention will be able to leverage nitinol-based technologies for the manufacturing and assembly of devices from low-volume prototypes to high-volume production.
“Partnering with this talented group of nitinol experts expands our portfolio of advanced components and technologies as well as our applications expertise,” said Tom Testa, President of Vention’s Advanced Technologies business. “Together, we can further provide more leading-edge technologies to advance our customers’ medical device innovations faster and more cost effectively.”
The purchase price paid for Lithotech is said to have been 10 million shekels ($2.65 million) in cash at closing, plus up to 3 million shekels ($0.8 million) in milestone payments, according to Capital Point Ltd. (TASE: CPTP), which owns a 13.6% stake in Lithotech, Globes reported.