Simbionix Signs Deal With Johnson & Johnson Japan

Project to develop an additional medical simulator is worth up to NIS 3 million; Simbionix looking to raise an additional $10 million

Simbionix has signed an agreement with Johnson & Johnson Japan to develop a simulator to teach and train medical professionals in colorectal procedures. The deal is said to be worth around NIS 2.5 million to NIS 3 million.

Simbionix develops and produces computer assisted medical simulators that allow training and certification of doctors in minimally invasive surgery.

The project is one of several that the firm has signed with Johnson & Johnson over recent years.  According to Simbionix President Ran Bronstein the value of the projects total around NIS 15 million. Simbionix had sales of approximately NIS 25 million in 2005.

Simbionix has raised $11 million from Koor Corporate Venture Capital, Early Stage Partners LP, and Shestra. The firm is currently embarking on additional funding round of $10 million to widen its global distribution network.

CEO Gary Zamler (formerly of Given Imaging) notes "the agreement is evidence of Johnson & Johnson's satisfaction, and as such they request to continue working with us."

Simbionix developed the GI Mentor simulator in 2000, and since then has developed another four simulators that are used for training purposes. The other products include the URO Mentor for endourology training, and ANGIO Mentor for interventional cardiologists and surgeons