Tallahassee, FL 11/29/11 (StreetBeat) --Tegal Corporation (NASDAQ:TGAL) today announced that it has made a $300,000 strategic investment in NanoVibronix Inc., a private company that develops medical devices and products that implement its proprietary therapeutic ultrasound technology.NanoVibronix is a medical device company focused on creating products utilizing its proprietary low-intensity surface acoustic wave (SAW) technology. The company's unique, patented approach enables the transmission of low-frequency, low-intensity ultrasound waves through a variety of soft, flexible materials, including skin and tissue, enabling low-cost, breakthrough devices targeted at large, high-growth markets.
NanoVibronix is developing a series of products directed at the treatment of chronic, non-healing wounds. The global wound care market is estimated to reach $22.8 billion by 2017, of which approximately one-third is addressed by advanced wound care products, according to a report recently published by Global Industry Analysts, Inc., a research group. The growth of the market is being fueled by an aging population and the rapidly increasing incidence of diabetes world-wide.
The company's first product, PainShieldTM MD has gained FDA clearance and CE Mark certification in Europe, and is marketed for the treatment of tendonitis, muscle pain and trigeminal neuralgia. Additionally, the company has developed a family of disposable ultrasound devices to treat catheter-associated infection and injury, accomplished by preventing biofilm formation and decreasing the friction between the catheter and body tissues. The UroShieldTM product is currently CE mark certified, and is the subject of several independent clinical trials being conducted by leading researchers in Europe and the Middle East.
“Our investment in NanoVibronix expands the Tegal portfolio to new markets and new commercial horizons,” said Mr. Mika. “NanoVibronix is a technology leader in the application of surface acoustic waves in the treatment of wounds and the prevention of infection in indwelling catheters. Under the leadership of Dr. Harold Jacob, NanoVibronix Chief Executive Officer, the company has demonstrated the scientific merit, safety and efficacy of devices using this technology to address the therapeutic needs of patients and clinicians.”
“Tegal’s investment and management expertise are critical to accelerating the growth of NanoVibronix,” said Dr. Jacob. “We are extremely pleased to partner with Tegal as we take the next step in our corporate growth plan.”
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