Fintech PR
EQT Private Equity to acquire Zeus, a global leader in advanced polymer components used in life-saving medical procedures
- EQT Private Equity to acquire Zeus, a leading supplier of custom polymer components to the world’s most innovative medical device and industrial companies
- Transaction highlights EQT’s commitment to partnering with leading, purpose-driven companies that deliver inherently critical services to society. Zeus uses its material science expertise to develop advanced components for medical devices used in minimally invasive, life-saving procedures
- EQT will support Zeus through investments in additional production capacity, R&D, and operational excellence
NEW YORK, Dec. 18, 2023 /PRNewswire/ — The EQT X fund (“EQT”) and Zeus Company, Inc., today jointly announced that they have entered into an agreement for EQT to acquire Zeus Company Inc (“Zeus” or the “Company”) from the Tourville family. Founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications. EQT also announced that John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction.
For more than 50 years, Zeus has delivered innovative and mission-critical components that improve the efficacy and performance of highly complex catheters, which are used in life saving, minimally invasive medical procedures, among other applications. The Company is headquartered in Orangeburg, South Carolina, with eight facilities across the United States and one in Letterkenny, Ireland. Zeus employs approximately 2,400 people globally and serves over 300 customers in more than 100 countries, including leading medical device manufacturers, contract device manufacturing organizations, academic institutions, and industrial customers across aerospace, semiconductors, and automotive, among other industries.
Zeus’ components enable the delivery of minimally invasive interventional procedures, which drive significantly better health outcomes than traditional open surgeries, including faster patient recovery and reduced pain, at lower cost. Zeus has experienced substantial growth as a leading innovator in polymer-based solutions. As populations age and chronic conditions become more prevalent, increasing demand for precision, high-performance catheters to support therapeutic areas including structural heart, peripheral and neurovascular interventions, is expected to continue fueling Zeus’ growth.
EQT will support Zeus with investments in additional capacity, R&D, and operational excellence, to support the rapidly growing medical fields that leverage minimally invasive technologies. These investments will enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next generation technologies.
Ethan Waxman, Partner within EQT Private Equity’s Advisory Team, said: “EQT has tracked the medical device component industry closely for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to its unmatched material science and process expertise. We are excited to partner with the Company and invest in its next phase of growth, its employees, and the communities it serves, while maintaining Frank Tourville Sr.’s values and commitment to excellence, which are shared by EQT.”
Steve Peterson, President and CEO of Zeus, added: “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”
John Groetelaars said: “I am thrilled to embark on this journey with Zeus and EQT to build upon the Company’s impressive legacy and best-in-class, differentiated product portfolio. We are committed to strengthening the partnerships with the customers that Zeus serves and expanding capacity through investments, operational upgrades, and growth from new product innovations. In the near-term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we’re excited to maintain our status as a key employer in the communities where we operate.”
“As one of the world’s leading healthcare investors, EQT invests in innovative companies that are addressing some of the most significant challenges in healthcare today, ranging from life science startups to scaled global businesses,” said Eric Liu, Partner, Head of North American Private Equity and Co-Head of Global Healthcare. “This acquisition represents a highly thematic investment for EQT, given our longtime focus on the medical technology industry and our experience partnering with family-founded businesses. With EQT’s deep expertise and broad network of advisors in the healthcare sector, we look forward to continuing our track record of creating differentiated value for all stakeholders.”
The transaction is expected to close in Q1 2024, subject to regulatory approvals and customary closing conditions.
Piper Sandler Companies acted as financial advisor to EQT Private Equity and Simpson Thacher & Bartlett LLP provided legal counsel. Goldman Sachs & Co. LLC acted as financial advisor to Zeus and Freshfields Bruckhaus Deringer LLP provided legal counsel. The Private Credit business within Goldman Sachs Asset Management will serve as the Administrative Agent and lead lender in the Senior Secured financing to support the transaction.
With this transaction, EQT X (target fund size of EUR 20.0 billion and a hard cap of EUR 21.5 billion) is expected to be 25-30 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size.
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
Contact
EQT: Mathilde Milch, Director, Communications, [email protected], +1 917 510 6626
Zeus: Jennifer McQuesten, VP of Corporate Communications, [email protected], +1 480 200 5488
The following files are available for download:
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Zeus Press Release |
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Zeus |
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Fintech PR
Richardson Sales Performance Announces Acquisition of Challenger, Uniting Two Industry Leaders to Redefine the Future of Sales Training
PHILADELPHIA and CHICAGO, Sept. 16, 2024 /PRNewswire/ — Richardson Sales Performance (Richardson), a leading global provider of sales training solutions, today announced its acquisition of Challenger, world-renowned for their research-based Challenger selling approach. This strategic acquisition unites two of the most influential names in the sales performance industry, creating an unparalleled powerhouse poised to deliver innovative, high-impact solutions for sales organizations worldwide.
The combination of Richardson’s expertise in developing role-based sales capabilities and Challenger’s distinctive approach to challenging conventional thinking in sales, marketing, and customer service teams will equip both companies’ customers for greater success. Together, the two companies will offer a more comprehensive suite of solutions designed to elevate sales teams’ performance and drive measurable business outcomes.
Richardson and Challenger’s joint capabilities will provide customers with expanded access to best-in-class methodologies, cutting-edge technology, rich analytics, and a broader range of learning experiences. By leveraging the strengths of both organizations, customers will benefit from a more holistic approach to sales training, encompassing everything from consultative, agile selling skills to disruptive, insight-driven selling strategies.
“The combination of Richardson’s proven track record in equipping sellers with a wide range of sales capabilities and Challenger’s expertise in message creation and challenging conventional thinking creates a unique opportunity for our customers to develop sales teams that are both agile and differentiated,” said John Elsey, CEO of Richardson Sales Performance. “We are excited to join forces with Challenger to provide an unmatched range of solutions that will empower sales professionals to thrive in an increasingly competitive environment.”
The acquisition also opens up new opportunities for employees of both companies. Together, Richardson and Challenger will foster a collaborative and innovative environment where employees can access broader professional development opportunities, leverage combined resources, and contribute to shaping the future of sales training and performance improvement.
Andee Harris, CEO of Challenger, commented, “I believe that our employees are key to driving strategic success. By joining forces with Richardson, we are unlocking critical resources and capabilities that will enable us to accelerate our long-term objectives. This acquisition positions us to enhance both our competitive edge and the opportunities we can offer our team members, strengthening our ability to deliver exceptional value to our customers.”
This transaction has been supported by Richardson’s financial sponsor, Truelink, which was launched in 2022 by Todd Golditch and Luke Myers to work with companies in the industrials and tech-enabled services sectors. The firm’s senior team brings decades of experience to their portfolio company partners, an extensive history of creating value together, and well-established strategies to improve processes, fuel growth, and enhance earnings.
Houlihan Lokey served as the exclusive financial advisor to Challenger.
About Richardson Sales Performance
Richardson is how leading sales organizations around the world are getting better results from their investment in sales training. For far too long, companies have had to deal with a big disconnect between their training and their real results in the field. We connect metrics to behaviors, training to outcomes and sellers to their best performance. For more information, visit www.richardson.com
About Challenger
Challenger is the global leader in training, technology, and consulting to win today’s complex sale. The company delivers a comprehensive portfolio of solutions to sales, marketing and customer service teams. Challenger’s training and consulting is provided through in-person workshops, eLearning and workflow tools, diagnostic and assessment offerings, and other sales acceleration modules. Underpinned by the world-renowned, research-based Challenger™ methodology, Challenger’s solutions help enterprises adopt, develop, communicate and implement more effective commercial strategies on a global scale. For more information, visit www.challengerinc.com.
Media Contact:
Andrea Grodnitzky
Chief Marketing Officer
Richardson Sales Performance
215-940-9255
[email protected]
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Fintech PR
Blockchain Market to Reach $403.36 Billion by 2030, Driven by Rising Demand for Secure and Transparent Transactions in the BFSI Sector and Growing Popularity of Cryptocurrency – Exclusive Report by Meticulous Research®
REDDING, Calif., Sept. 16, 2024 /PRNewswire/ — According to a new market research report titled, ‘Blockchain Market by Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization Size, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography—Global Forecast to 2030.
The blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% from 2023 to 2030.
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The growth of this market is mainly driven by the rising demand for secure and transparent transactions in the BFSI sector, the surging need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. However, the high costs of blockchain implementation restrain the growth of this market.
Furthermore, SMEs’ focus on leveraging blockchain and the increasing adoption of blockchain among retailers are expected to create significant growth opportunities for the players in this market. However, regulatory uncertainties and the lack of interoperability between blockchain ecosystems are major challenges impacting market growth.
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Increasing Need to Prevent Data Tampering Driving the Adoption of Blockchain Technology in the Healthcare Sector
The growing popularity of cryptocurrency and the need to prevent data tampering in the healthcare sector are key factors increasing the adoption of blockchain technology. Cryptocurrencies, such as Bitcoin, have gained traction in recent years, showcasing the potential of decentralized digital currencies that rely on blockchain technology for secure and transparent transactions. Data integrity and security are of paramount importance in the healthcare sector. Medical records, clinical trial data, and patient information must be protected from unauthorized access, tampering, or alteration. With blockchain technology, healthcare organizations can securely store and share patient records, ensuring the security and integrity of sensitive information. The distributed nature of blockchain technology eliminates the reliance on a single centralized authority, reducing the risk of data manipulation or tampering. The players in this market are focused on launching new offerings for healthcare applications. For instance, in October 2020, IBM Watson Health (U.S.) launched a blockchain-powered digital health pass. This digital health initiative was aimed at allowing users to share their verified health status without exposing the data used to generate it.
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Blockchain Market Analysis: Key Findings
- By Type: In 2023, the public segment accounted for the largest share of 66.9% of the blockchain market. However, the private segment is expected to register the highest CAGR of 70.3% during the forecast period 2023–2030.
- By Platform: In 2023, the Ethereum segment accounted for the largest share of 53.8% of the blockchain market. However, the Hyperledger segment is expected to register the highest CAGR of 71.0% during the forecast period 2023–2030.
- By Organization Size: In 2023, the large enterprises segment accounted for the major share of 74.0% of the blockchain market. However, the small & medium-sized enterprises segment is expected to register the higher CAGR of 70.1% during the forecast period 2023–2030.
- By Application: In 2023, the payments segment accounted for the largest share of 25.2% of the blockchain market. Also, the payments segment is expected to register the highest CAGR of 69.3% during the forecast period 2023–2030.
- By Sector: In 2023, the BFSI segment accounted for the largest share of 41.2% of the blockchain market. However, the healthcare & life sciences segment is expected to register the highest CAGR of 80.2% during the forecast period 2023–2030.
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Blockchain Market Analysis by Segment with Projected CAGR (2023–2030)
|
Category |
2023 Largest Share |
% Share (2023) |
Highest CAGR (2023-2030) |
CAGR % (2023-2030) |
|
By Type |
Public Segment |
66.90 % |
Private Segment |
70.30 % |
|
By Platform |
Ethereum Segment |
53.80 % |
Hyperledger Segment |
71.00 % |
|
By Organization Size |
Large Enterprises Segment |
74.00 % |
Small & Medium Enterprises |
70.10 % |
|
By Application |
Payments Segment |
25.20 % |
Payments Segment |
69.30 % |
|
By Sector |
BFSI Segment |
41.20 % |
Healthcare & Life Sciences |
80.20 % |
Geographic Analysis:
Based on geography, the blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America accounted for the largest share of 38.9% of the blockchain market. This market is projected to reach $136. 4 Billion by 2030.
Financial service industries across North America are poised for transformative change, and leading corporations and start-ups are increasingly investing in fintech. The increasing use of technologies within business ecosystems, the growing number of financial firms, millennials’ preference for digital applications and services for task completion, the rising demand for high-speed apps, and the growing need for real-time data transfer capabilities are expected to support the growth of the blockchain market in North America over the forecast period.
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Furthermore, the presence of several blockchain providers across North America has also contributed to the region’s large market size. For instance, North America is home to some of the most popular blockchain development companies around the globe, including IBM and Amazon Web Services Inc. These companies are actively focusing on the development of innovative blockchain products. Additionally, governments in the region have undertaken several initiatives to support the adoption and raise awareness regarding blockchain technology.
In 2023, the U.S. accounted for the dominant share of 95.4% of the blockchain market in North America. The country’s large market share is mainly attributed to the increasing demand for decentralized financial solutions, the presence of leading blockchain development companies, and the increasing implementation of blockchain technology across retail, government, and BFSI organizations.
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The high potential for the widespread adoption of blockchain technology across the financial services sector, the increasing development of digital currencies and fast payment methods, and the emergence of cryptocurrencies such as bitcoin are driving the growth of the blockchain market in the U.S. Furthermore, research and investments in blockchain technology are creating notable brands such as Libra (Facebook), JPM coin (JPMorgan) and Gemini coin (Winklevoss brothers), broadening the scope of the blockchain market. Leading blockchain providers are implementing solutions across the U.S. to ensure safe & secure transactions. For instance, in April 2021, BitGo (U.S.) implemented blockchain solutions to enable security for CoinLoan (Estonia) clients across the U.S.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR of 71.5% during the forecast period. In 2023, China accounted for the largest share of the blockchain market in Asia-Pacific. Market growth in APAC is attributed to the surging demand for safe transactions across international borders, the growing number of crypto-related businesses, and rising disposable incomes. Government policies and initiatives incorporating blockchain technology in the public sector are also expected to create growth opportunities for the players in this market.
The Asia-Pacific region is a leading fintech powerhouse due to the presence of hotspots, including Hong Kong, Singapore, Melbourne, and Indonesia. The presence of Chinese fintech hubs across Beijing, Shanghai, and Shenzhen, the increasing number of fintech companies across India, and the growing demand for friction-free, peer-to-peer transactions are driving the growth of the blockchain market in APAC.
Governments in the region have recognized the potential of blockchain technology and have launched initiatives to support its development. For example, China has expressed a strong interest in blockchain and has invested heavily in research and development. Singapore has also created a conducive environment for blockchain start-ups through regulatory frameworks and funding. These government initiatives contribute to market growth in the region.
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The U.K. Continues to Dominate the Blockchain Market in Europe
In 2023, the U.K. accounted for the largest share of the blockchain market in Europe. Factors driving market growth in the U.K. include the strong presence of leading financial firms, supportive government initiatives, and advances in fintech.
Blockchain has driven innovation across industries in the U.K. The emergence of distributed ledger technologies, such as blockchain, is influencing industries in the U.K., owing to the rapid development and proliferation of blockchain applications across the country. For instance, in March 2021, the London Stock Exchange partnered with IBM Corporation (U.S.) to develop Turquoise, a blockchain-based platform for issuing digital securities. The platform streamlines post-trade processes, enhances transparency, and attracts new investors by leveraging the benefits of blockchain technology.
Furthermore, Walmart (U.S.) implemented a blockchain solution for tracking and tracing food products in its U.K. stores. This solution helps ensure food safety, improves efficiency, and builds consumer trust. Blockchain technology can also revolutionize healthcare systems by improving data management, patient privacy, and interoperability. In the U.K., the National Health Service (NHS) implemented blockchain in the MediLedger Project led by the NHS National Innovation Center (NIC). This project aims to leverage blockchain to share medical research data securely and efficiently. These factors contribute to market growth in the country.
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Blockchain Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the blockchain market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by leading companies in the blockchain market include product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the blockchain market include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Accenture plc (Ireland), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.).
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Blockchain Industry Overview: Latest Developments from Key Industry Players
- In January 2023, Amazon Web Services (U.S.) launched Avalanche to help bring blockchain technology to enterprises and governments. Avalanche is the first blockchain integrated with Amazon’s cloud-computing platform.
- In January 2023, Ava Labs (Brooklyn) partnered with Amazon Web Services (U.S.) to allow individuals and institutions to launch subnets that can operate as self-sufficient blockchain systems.
- In November 2022, Accenture plc collaborated with NTT DOCOMO (Japan) to accelerate the adoption and application of Web3 for addressing social issues.
- In October 2022, Oracle Corporation launched its Oracle Database 23c Beta, the new version of the world’s most widely used converged database that supports all data types, workloads, and development styles.
- In August 2022, Infosys Limited partnered with VMware (U.S.) to launch a blockchain-based vital records management solution.
- In May 2022, Keep Sea Blue (Athens), an international and independent association, collaborated with Oracle Corporation (U.S.) to use Oracle’s blockchain technology to fight plastic pollution and keep the Mediterranean clean.
- In November 2021, Infosys Finacle (India), a wholly-owned subsidiary of Infosys, collaborated with IBM Corporation (U.S.) to make the Finacle Digital Banking Solution available on Red Hat OpenShift and IBM Cloud with blockchain technology for Financial Services.
- In August 2021, IBM Corporation (U.S.) collaborated with NPTEL to offer a 12-week online course on blockchain architecture, design, and use cases.
- In January 2021, IBM Corporation (U.S.) partnered with Thai Reinsurance Public Company Limited (Thailand) to launch ASEAN’s first reinsurance smart contract platform using its blockchain and hybrid cloud technology.
- In January 2021, Microsoft Corporation (U.S.) collaborated with Invest India to empower tech start-ups. The start-ups shortlisted by Microsoft included Whrrl Fintech Solutions, a company that empowers farmers, traders, and producer companies on a blockchain platform to raise working capital to tide over lengthy crop cycles.
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Scope of the Report:
Blockchain Market Assessment—by Type
- Public
- Private
- Hybrid
- Consortium
Blockchain Market Assessment—by Platform
- Ethereum
- Hyperledger
- R3 Corda
- Polygon
- Solana
- BSC
- Terra
- Other Platforms
Blockchain Market Assessment—by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Blockchain Market Assessment—by Application
- Digital Currency
- Asset Protection & Transfer
- Identity Protection
- Payments
- Data Reconciliation & Sharing
- Track & Trace
- Certification
- Other Applications
Blockchain Market Assessment—by Sector
- BFSI
- Government
- Healthcare & Life Sciences
- Retail & E-commerce
- Energy & Utilities
- Professional Services
- Media & Entertainment
- Manufacturing
- Other Sectors
Blockchain Market Assessment—by Geography
- North America
- U.S.
- Canada
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe (RoE)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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Blockchain Market Research Report Summary
|
Report Metrics |
Details |
|
Base year considered |
2022 |
|
Forecast period |
2023-2030 |
|
CAGR |
CAGR 67.70% |
|
Market Size |
$403.36 billion |
|
Segments Covered |
By Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography |
|
Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Companies covered |
International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Accenture plc (Ireland), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.). |
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Epitomee’s Ingestible Capsule, Offers a Safe and Effective Prescription Solution for Adults with BMI of 25-40 looking for Alternative Drug Free Solutions for Their Weight Management Needs alongside diet and exercise.
CAESAREA, Israel, Sept. 16, 2024 /PRNewswire/ — Epitomee Medical Ltd. (TASE: EPIT), announced that the United States Food and Drug Administration (FDA) has officially cleared the Epitomee® Capsule, a cutting-edge ingestible medical device designed to support weight management in adults with a Body Mass Index (BMI) of 25–40 kg/m² alongside diet and exercise. This novel, drug-free treatment provides a new option for millions of health-conscious individuals in the U.S.
The Epitomee® Capsule represents an innovative prescription option in weight management solutions, offering a drug-free alternative that differs from injectable treatments. With FDA clearance extending to adults with a BMI starting at 25, Epitomee® Capsule is accessible to a broader range of patients looking for tolerable and easy to use weight management solutions. The Epitomee® device is encased in a standard size, self-administered ingestible capsule. Once the Epitomee® Capsule is swallowed, and reaches the stomach it absorbs water in the stomach and creates a three-dimensional matrix designed to occupy volume in the stomach creating a sensation of fullness, enabling weight loss. The Epitomee® Capsule mechanism of action is purely mechanical and does not involve any chemical activity. The capsule works directly in the gastrointestinal (GI) tract.
Epitomee® Capsule was cleared by the U.S. FDA following the RESET study: A prospective, randomized, double-blind, placebo-controlled, multi-canter trial. The study enrolled 279 overweight and obese adults with and without prediabetes. All 9 sites enrolled in the study were in the US, located across 9 different states. Eligible subjects were randomized to test or placebo arms. Subjects were to take one capsule of the investigational device or placebo twice daily , alongside diet and exercise, for a period of 24 weeks. The study demonstrated that both co-primary endpoints were successfully met. The RESET study demonstrated significantly better weight loss among the device group compared to the control group (P<0.0001). The co-primary endpoint of treatment responders was also achieved: the rate of Epitomee treatment group subjects whose total body weight was reduced by at least 5% at 24-weeks post randomization was 55.5% (CI; 46.1-64.6), significantly exceeding the threshold of >35% (P<0.0001).
The study demonstrated a favourable safety profile of Epitomee® treatment throughout the study duration. Epitomee® treatment was well tolerated, with fewer patient dropouts in Epitomee® group than the control group. There were no serious adverse device effects (SADEs) in the study. In addition, subjects treated with Epitomee® showed better improvement in quality of life in several items of the IWQOL-Lite-CT questionnaire.
The company also performed an additional study in 3 out of the 9 sites that participated in the RESET study, the ELECT study. In this study subjects from both the device group and the placebo group kept on taking the Epitomee® capsule for an additional 24 week period. The study demonstrated a favourable safety profile of Epitomee® treatment throughout the 48 weeks of the study duration for subjects in the device group.
Shimon Eckhouse PhD co-founder and chairman of the board, commented on the approval: “The FDA clearance of the Epitomee® Capsule marks a significant milestone in the field of weight management. Its innovative approach offers a safe and effective option for patients. The ability to manage weight through a simple, drug free capsule opens up new possibilities for those seeking to improve their health and quality of life.”
Dan Hashimshony PhD, CEO of Epitomee Medical Ltd., commented: “We are proud to have received FDA clearance for our Epitomee® weight management Oral, Drug-Free solution. This achievement is the result of the innovative approach we have taken to tackle the global obesity epidemic. Our capsule offers a safe, effective, and drug-free solution to the many millions of individuals struggling with weight management. As we move forward, we are eager to bring this groundbreaking product to the U.S. market and seek strategic partnerships to fully realize its commercial potential.”
About Epitomee Medical Ltd.
Epitomee Medical Ltd, a public company (TASE: EPIT), co-founded in 2005 by Shimon Eckhouse, PhD and led by CEO Dan Hashimshony PhD. Shimon co-founded Syneron Medical Ltd. (Nasdaq: ELOS), Lumenis (formally ESC Medical) and co-founded Ventor Medical Technologies, which was acquired by Medtronic. Dan was the founding CEO of Dune Medical Devices, a surgical oncology company (acquired by Dilon Technologies). Prior to that, Dan was with X-Technologies (acquired by Guidant in 2003) and Sela Semiconductor (acquired by Camtek).
The company is a pioneering health solutions company, committed to advancing innovative therapies. With focus on safety, efficacy, and improving quality of life, Epitomee Medical strives to be at the forefront of transformative healthcare solutions.
The company is advancing two major fields: weight management and biologic drug delivery. In addition to its flagship weight management solution, Epitomee Medical is developing a cutting-edge platform focused on the oral delivery of biologics. This innovative platform is designed to transport drugs to the absorption site with enhanced bioavailability.
For more information about Epitomee Medical Ltd., please visit Epitomee Medical (https://epitomeemedical.com/)
For partnership inquiries and more information about the Weight-management capsule – contact:
Mr. Alon Heth
VP Sales and Marketing
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/epitomee-medical-announces-fda-clearance-of-its-capsule-weight-management-device-302249169.html
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