US gastrointestinal endoscopy company EndoChoice will merge with an Israeli company Peer Medical for an undisclosed sum.
Peer Medical’s commercial products include a proprietary video system and Full Spectrum Endoscope which provides up to a 330 degree view during endoscopy and colonoscopy, thus enabling gastroenterologists to detect more cancerous polyps and abnormal lesions.
upon completion of the merger, Peer will be operated under the EndoChoice name and will be headquartered in Alpharetta, Georgia, US, with its R&D center based in Israel, claims EndoChoice.
EndoChoice founder and CEO Mark Gilreath said the R&D team capabilities and insights will fuel the future growth of the company.
Peer Medical founder and CEO Avi Levy said the company has agreed to merge with EndoChoice because it shares Peer’s passion for service as well as provide 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," Levy added.
"We look forward to building on EndoChoice’s platform and established customer base and working together to commercialize 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.