News Feed Item

Domain Elite Makes First Investment in SMART Medical Systems to Advance Medical Devices for Gastrointestinal Medicine for Greater China

PRINCETON N.J., SAN DIEGO, BEIJING and RA'ANANA, Israel, April 25, 2014 /PRNewswire/ -- Domain Elite announces the collaboration's first investment in SMART Medical Systems, a developer and manufacturer of innovative endoscopy and colonoscopy products.  Domain Elite has invested $6.5 million, which is the first amount in a multi-phase investment plan in SMART, focusing on Greater China. Domain Elite was formed as a partnership between Domain Associates, a U.S. venture capital firm investing in breakthrough life sciences technologies, and Elite Consulting, consultants and financial advisors to the Chinese pharmaceutical and medical device industry, to bring the most advanced healthcare products and technologies to China. Part of the investment is allocated directly to SMART Medical's subsidiary in Hong Kong, to advance SMART Medical's platform of gastrointestinal (GI) medical devices for cancer prevention and endoscopic surgery in Greater China, including Hong Kong and Taiwan.

SMART’s flagship product, the G-EYE(TM) endoscope for colonoscopy, uses innovative balloon technology to uncover pre-cancerous polyps that are hidden behind natural folds of the colon to better detect colorectal cancer. SMART's CE-marked and FDA-cleared NaviAid(TM) product family is commercially distributed in key global markets.  SMART's G-EYE(TM) product (CE Marked, not yet FDA cleared) is presently under development and commercialization in selected regions, including the United States and Greater China.

"The mission of Domain Elite is to find the most effective medical technologies to fulfill important unmet medical needs and improve healthcare in China," said Brian Halak, partner at Domain Associates and founder of Domain Elite. "In so doing, Domain will create unique investment opportunities in the rapidly growing Chinese market. SMART Medical Systems has an innovative and well-validated technology that we believe accomplishes both goals."

SMART Medical Systems is the developer and manufacturer of several innovative medical devices that improve the diagnosis and therapy of GI disorders and diseases, most notably, colorectal cancers. SMART's flagship product, the G-EYETM endoscope, uses innovative balloon technology to uncover pre-cancerous polyps that are hidden behind natural folds of the colon. This product is currently marketed in Europe in partnership with Pentax Medical, a market leader in GI endoscopy. SMART Medical has additional products under development and commercialization, designed to allow standard endoscopes to access and visualize portions of the GI tract currently only accessible with the use of highly specialized equipment.

"Domain Elite offers a unique arrangement for SMART Medical to access significant experience and expertise to develop and commercialize medical devices in China," said Gadi Terliuc, CEO of SMART Medical Systems. "We will also use this new multi-step investment to advance our product platform in the United States and other global markets."

Delivering Innovative Technologies for the China Medical Device Market

In China, cancer has become the most common cause of death, and colorectal cancer is now the second most frequent cancer. Last year in Hong Kong, the Cancer Registry noted a doubling of colorectal cancer diagnoses over the past decade in the territory and warned that colorectal cancer is headed to become the most prevalent cause of cancer death in Hong Kong.  However, large survival differences are seen when access to screening technologies are available.  

"We have not only seen a significant need for endoscopy but also a substantial increase in use of endoscopy products in China," said Micah Zimmerman, partner at Elite Consulting and CEO of Domain Elite. "Working with SMART Medical Systems, we are advancing Domain Elite's mission to meet the need of the Chinese healthcare system for therapies that are more effective for the patient and less expensive for the medical system."

"For SMART Medical, this represents an important first step in Asia Pacific and a large opportunity to fill unmet medical needs in gastrointestinal medicine," said Misha Krakowsky, Executive Director of APAC for SMART Medical Systems. "Our portfolio of innovative endoscopy products fits many needs in both developed and emerging markets."

About SMART Medical Systems

SMART Medical Systems is a pioneer in the development and manufacture of innovative medical devices in the field of gastro-intestinal (GI) endoscopy. Its proprietary technology enhances the performance and capabilities of existing endoscopy equipment, in an intuitive and cost-effective manner. SMART's CE-marked and FDA-cleared NaviAid™ product family is commercially distributed in key global markets.  SMART's G-EYE™ product (CE Marked, not yet FDA cleared) is presently under commercialization in selected regions. SMART is headquartered in Israel, and operates in the United States through its wholly-owned subsidiary, SMART GI Inc., and in Greater China through its Hong Kong subsidiary, Medico HK Limited. For more information, please visit: http://www.smartmedsys.com.

About Domain Elite

Domain Elite is a partnership between Domain Associates and Elite Consulting to bring the most advanced healthcare products and technologies to China. The goal of the partnership is to establish new companies and joint ventures in China that will provide Western companies the financing, regulatory, medical, and marketing infrastructure needed to bring their breakthrough products to China. Target technologies will be mainly focused in the areas of medical devices and diagnostics.  The partnership is exclusive and it is envisioned to be the source of multiple emerging businesses in China over the course of several years. http://www.meetdomainelite.com.

About Elite Consulting and Elite Capital Advisors

Founded in 1997 by six Chinese executives from the pharmaceutical and diagnostics industry, Beijing Elite Management Consulting has an active client base of 1,200 domestic pharmaceutical and medical product companies in China. Elite Consulting provides sales and marketing management services, contract executive management, high-level SFDA experts and registration services, clinical development expertise, marketing research, and a partially owned sister company provides formulation, manufacturing, and cGMP consulting for international and domestic pharmaceutical manufacturers in China. Elite also is among the most active commercial due diligence providers in the China healthcare industry. Annually, Elite conducts diligence on more than $500 million of direct investment in the pharmaceutical, device, and hospital industries in China. Elite Capital Advisers provides mergers and acquisitions brokerage, facilitation, and capital investment to leading investors and multinational and domestic pharmaceutical companies. Elite Consulting is located in Beijing.  For more information, please visit http://www.bjelite.com.

About Domain Associates

Founded in 1985, Domain Associates, L.L.C. is a venture capital firm with an exclusive focus on investing in life science companies that advance human health. Domain's focused network, deep experience, and dependable reputation of this team have made it one of the top private-equity groups participating in healthcare investing. With $2.4 billion of capital under management, Domain invests in three major segments: pharmaceuticals, diagnostics, and medical devices. The partners of Domain have a total of close to 200 person-years of experience among them in the healthcare and venture capital industries and have been involved in the formation and growth of more than 250 life sciences companies. Representative past investments include Amgen, Amylin Pharmaceuticals, BiPar Sciences, Biosite, Dura Pharmaceuticals and Pharmion. (Domain has offices in Princeton, N.J. and San Diego. For more information, please visit http://www.domainvc.com.    

Photo - http://photos.prnewswire.com/prnh/20140424/78303

SOURCE Domain Associates

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
By now most people have either created their configuration management solution or are just embarking on this journey. In his session at @DevOpsSummit at 19th Cloud Expo, Marco Ceppi, a DevOps Engineer working at Canonical, will discuss how to take configuration management to the next level with modelling and orchestration. He will also discuss how and why people are moving from a machine-centric view to a service/application-oriented view of deployments, and how you can leverage the knowledge a...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...