EndoChoice Expands Product Line With Revolutionary Endoscope Through Merger With Peer Medical

Sat Jan 5, 2013 2:00am EST

* Reuters is not responsible for the content in this press release.

ALPHARETTA, GA and CAESAREA, ISRAEL, Jan 05
(Marketwire) -- 
EndoChoice, Inc., a platform-technology company focused on
gastrointestinal (GI) endoscopy, announced today that it will merge with
Peer Medical Ltd., a privately held Israeli company developing innovative
endoscopy technology. The combined company will operate under the
EndoChoice name and be headquartered in Alpharetta, Georgia, with its R&D
center based in Israel.

    EndoChoice also announced that it has closed a $43 million fund-raising
round led by Sequoia Capital and its existing investors to finance
projected growth.

    Peer Medical has developed a proprietary video system and Full Spectrum
Endoscope(TM) that greatly expands the field of view during endoscopy and
colonoscopy, helping gastroenterologists detect more cancerous polyps and
abnormal lesions. Conventional endoscopes have a 170 degree field of
view. The Full Spectrum Endoscope(TM) provides up to a 330 degree view
making it a far more effective diagnostic tool.

    Mark Gilreath, Founder & CEO of EndoChoice, said, "It is well known that
we are missing 25 to 40 percent of polyps during colonoscopy.
Conventional scopes are comparable to driving a car without side windows
-- can you imagine all the things you are missing? The Full Spectrum
Endoscope(TM) provides the side windows for a full view and it is a
tremendous difference. This technology will save lives."

    Said Peer Medical Founder & CEO, Avi Levy, "We were attracted to
EndoChoice because they share our passion for service and providing GI
physicians with new technology that improves patient care. We are
thrilled that the fastest growing medtech company in the U.S. will now be
offering the world's most innovative endoscope. We look forward to
building on EndoChoice's platform and established customer base and
working together to commercialize this breakthrough technology." 

    "We are very impressed with the R&D team in Israel. Their capabilities
and insights will fuel the future growth of EndoChoice for many years to
come as we continue to build a great platform company," Gilreath said. 

    The Full Spectrum Endoscope(TM) is not yet available for sale, although
it has received a CE Mark, ISO 13475 certification and FDA 510(k)
clearance.

    About EndoChoice
 EndoChoice, a platform-technology company, provides
devices, diagnostics, infection control and imaging for specialists
treating a wide range of gastrointestinal diseases. EndoChoice currently
has over 2,500 customers and distribution in 34 countries worldwide, and
was recently recognized for the third consecutive year as one of the
fastest growing companies in the U.S. by Inc. Magazine. To learn more,
visit www.endochoice.com. 

    

Contact:
Scott Fraser
Global Vice President
770-682-8700
PR@EndoChoice.com 

Copyright 2013, Marketwire, All rights reserved.

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