Magnetecs has recently received a grant of $244,000 from The US Internal Revenue Service Therapeutic Discovery Project Program, which was created by the Affordable Care Act.

The grant is provided to US companies that have development projects showing potential to produce new cost-saving therapies, create US jobs, and increase US competitiveness.

Magnetecs has received a grant of up to $382,000 from the Israel-US Binational Industrial Research and Development (BIRD) Foundation for a joint development project with Given Imaging, a company from Israel in the field of gastroenterology, for a Magnetically Guided Capsule Endoscope.

Magnetecs CEO Josh Shachar said that these grants represent confirmation of their vision to fulfill the promise of robotic surgery by increasing the efficacy, safety and efficiency of a wide range of minimally invasive procedures.

“As Magnetecs moves into the certification and pre-commercialization phase of our Robotic Catheter Guidance Control and Imaging system for electrophysiology, we are pleased to receive government and foundation support for this application and for our next application in gastroenterology,” Shachar said.