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Given Imaging GIVN +2.00% shares are up 9% in the premarket. The Israeli producer of ingestible endoscopy systems said late Wednesday that it had received nonbinding indications of interest from a number of parties about a possible merger or sale of the company. Given said it would assess these inquiries and other strategic alternatives.
4:11 PM Given Imaging (GIVN) says it's exploring strategic alternatives including possible merger or sale of the company. Preliminary indications of interest have already been received from a number of parties. The company intends to continue to actively explore these and other alternatives, including a strategic alliance or additional acquisitions. The Board has appointed an executive committee to oversee the process. Barclays is assisting in the process. Shares +2% AH.
Perhaps my 'prophecy' of $24 before years end will materialize???
Given Imaging Exploring Strategic Alternatives to Maximize Growth and Shareholder Value
Given Imaging (NASDAQ:GIVN)
Today : Thursday 18 October 2012
Given Imaging (NASDAQ: GIVN) today announced that in order to maximize growth and enhance shareholder value the Company is currently evaluating a range of strategic options, including preliminary non-binding indications of interest received from a number of parties relating to a possible merger or sale of the Company. The Company intends to continue to actively explore these and other alternatives, including a strategic alliance or additional acquisitions such as the recently announced acquisition of the assets of The Smart Pill Corporation.
The Board of Directors has appointed an executive committee consisting of the Chairman and two independent directors to oversee the process. The investment banking firm Barclays is assisting the Company in this process.
There can be no assurance that this process will result in any specific action or transaction. The Company does not undertake any obligation to update this information.
About Given Imaging Ltd.
Since pioneering the field of capsule endoscopy in 2001, Given Imaging has become a world leader in GI medical devices, offering health care providers a range of innovative options for visualizing, diagnosing and monitoring the digestive system. The company offers a broad product portfolio including PillCam® capsule endoscope for the small bowel, esophagus and colon. The company also offers industry-leading GI functional diagnostic solutions including ManoScan™ high-resolution manometry, Bravo® capsule-based pH monitoring, Digitrapper® pH-Z impedance, and the SmartPill® GI monitoring systems. Given Imaging is committed to delivering breakthrough innovations to the GI community and supporting its ongoing clinical needs. Given Imaging's headquarters are located in Yoqneam, Israel, with operating subsidiaries in the United States, Germany, France, Japan, Australia, Vietnam, Hong Kong and Brazil. For more information, please visit www.givenimaging.com.
Given Imaging Acquires Assets of SmartPill Corporation
Given Imaging (NASDAQ:GIVN)
Today : Thursday 4 October 2012
Given Imaging Ltd. (NASDAQ: GIVN), a world leader in specialty GI products and pioneer of capsule endoscopy, today announced that it has acquired from The SmartPill Corporation, a U.S. based-company, the assets related to the SmartPill® GI Monitoring System for $6 million.
The SmartPill® is an ingestible capsule that uses sensor technology to measure pH, pressure and temperature in the GI tract. The SmartPill System measures gastric emptying and total GI (stomach, small bowel and colon) transit times and is used to evaluate motility disorders like gastroparesis and constipation.
"SmartPill is an excellent strategic fit with Given Imaging's proprietary technology and extensive portfolio of GI diagnostic tools," said Homi Shamir president and CEO of Given Imaging. "Incorporating SmartPill into our business strengthens our value proposition to gastroenterologists as we will now provide an industry-leading platform of patient-friendly GI diagnostic solutions. We anticipate that this acquisition will have an immediate contribution to our top-line results and will be accretive to our bottom-line by the end of 2014."
The SmartPill is cleared by the FDA and CE marked for the evaluation of gastroparesis and constipation, and has an existing CPT code. A category 1 CPT code specifically and exclusively for the SmartPill procedure goes into effect in January, 2013. Given Imaging plans to invest in market development activities designed to expand the body of clinical evidence for and awareness of SmartPill.
Administered in the physician's office, the SmartPill is completely ambulatory and allows the patient to go about their normal routine during the course of the test. As the SmartPill capsule passes through the GI tract, it transmits data to a recorder worn by the patient. The SmartPill capsule moves through the intestines by peristalsis, or the normal rhythmic contraction of the intestinal muscles, and is capable of transmitting data continuously for at least five days. The single-use, non-imaging capsule is excreted naturally from the body, usually within a day or two. Once the capsule has passed from the body, the patient returns the data recorder to the physician, who then can download the collected data to a computer. The physician then uses SmartPill's MotiliGI™ software to display and analyze the data, providing the physician with test results in both graphical and report formats.
"For millions of patients who suffer from the challenging and painful symptoms of gastroparesis or chronic constipation, SmartPill provides an ambulatory, patient-friendly and radiation-free alternative for assessing GI motility, providing the information we need to more accurately treat their conditions," said Braden Kuo M.D., Instructor of Medicine, Harvard Medical School, Assistant Physician, Gastroenterology Unit and Director of the Gastrointestinal Motility Laboratory at Massachusetts General Hospital. "While SmartPill does not replace procedures like endoscopy and colonoscopy, it can replace multiple procedures used to assess gut transit requiring radiation exposure such as a timed Small Bowel Follow Through (SBFT), gastric emptying scintigraphy (GES) or sitzmarkers (ROM) which would be required to deliver the same clinical information."
Given Imaging does not expect that this acquisition will have a meaningful contribution to its fourth quarter 2012 revenues. The Company will record the acquisition expenses in its fiscal year 2012 financial statements.
The Company expects that its 2013 revenues will include low single-digit revenue in millions of US dollars from SmartPill, and plans to make additional investments in clinical trials, market development and manufacturing efficiency to support future growth.
The acquisition also includes an earn-out component, based on sales of the SmartPill product between 2013 and 2016. The Company expects that earn-out payments, if any, will not be material.
About Gastroparesis
Gastroparesis, also called delayed gastric emptying, is a disorder in which the stomach takes too long to empty its contents. The most common symptoms of gastroparesis are nausea, a feeling of fullness after eating only a small amount of food, and vomiting. Other symptoms include acid reflux, abdominal pain or bloating and lack of appetite. Diabetes is the primary cause of gastroparesis in roughly 30% of cases and often occurs in people with type 1 or type 2 diabetes. Growth in the diabetic population is the primary reason for the increased incidence of gastroparesis.
About Chronic Constipation
Chronic constipation is a condition of infrequent bowel movements -- typically fewer than three stools a week -- and difficult passage of stools which does not go away. In some cases, chronic constipation may be caused by an underlying medical condition.
About Given Imaging Ltd.
Since pioneering the field of capsule endoscopy in 2001, Given Imaging has become a world leader in GI medical devices, offering health care providers a range of innovative options for visualizing, diagnosing and monitoring the digestive system. The company offers a broad product portfolio including PillCam® capsule endoscope for the small bowel, esophagus and colon. The company also offers industry-leading GI functional diagnostic solutions including ManoScan™ high-resolution manometry, Bravo® capsule-based pH monitoring and Digitrapper® pH-Z impedance monitoring systems. Given Imaging is committed to delivering breakthrough innovations to the GI community and supporting its ongoing clinical needs. Given Imaging's headquarters are located in Yoqneam, Israel, with operating subsidiaries in the United States, Germany, France, Japan, Australia, Vietnam, Hong Kong and Brazil. For more information, please visit www.givenimaging.com.
Given Imaging Submits PillCam(R) COLON 2 Pivotal Trial Data to Japan's PMDA for Approval
Date : 09/19/2012 @ 1:00AM
Given Imaging (NASDAQ: GIVN), a world leader in specialty GI products and pioneer of capsule endoscopy, today announced that it has filed for regulatory approval of PillCam® COLON 2 in Japan. The results of the study showed that using PillCam COLON 2, physicians were able to accurately identify 94% of polyps that were at least 6 mm in size previously identified using standard colonoscopy.
The submission to the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) includes the results of the PillCam COLON 2 pivotal clinical trial which was designed to evaluate the PillCam COLON 2 as a tool to visualize the mucosal layer of the colon for pathologies including colorectal cancer.
"The results of this pivotal study show that PillCam COLON 2 can be used as another tool in the fight against colon cancer and could be particularly useful for those patients who are unable or unwilling to get a colonoscopy or have had prior incomplete colonoscopies," said Hisao Tajiri, M.D., Ph.D., Chairman and Professor, Department of Gastroenterology and Hepatology, and Department of Endoscopy, The Jikei University School of Medicine.
A total of 72 patients aged 40-75 years were enrolled at three sites. Results were read by two groups of readers; one at the investigator sites and the other at a central reading facility. As agreed with PMDA, specificity was not a required endpoint of the trial, since the lesions being assessed for agreement were already identified by colonoscopy.
"We are very pleased with the robust results of our PillCam COLON 2 clinical trial in Japan as well as the performance of the PillCam COLON 2 capsule. We believe that PillCam COLON 2 can be a useful tool for physicians to visualize and diagnose colon polyps," said Homi Shamir, president and CEO, Given Imaging. "With an estimated addressable market of approximately one million procedures each year in Japan, PillCam COLON 2 represents a significant revenue opportunity for Given Imaging. We would like to thank the physicians and hospitals who participated in the trial for their dedication and support."
PillCam COLON 2 received the CE Mark in September 2009 and is commercially available throughout Europe, Latin America, Canada, and parts of Asia.
About Colon Cancer
Colorectal cancer remains a potentially fatal disease that generally can be prevented through early detection. Colon cancer occurs in the large intestine (colon), the lower part of the digestive system while rectal cancer occurs in the last 15-20 centimeters of the colon. Together, they're often referred to as colorectal cancers.
Colon and rectal cancers begin in the digestive system and develop when cells that line the colon or the rectum become abnormal and grow exponentially. Most cases of colon cancer begin as small, non-cancerous (benign) clumps of cells called adenomatous polyps. Only certain kinds of polyps have the potential to become cancerous, and in most people, colorectal cancers develop slowly over a period of several years. In Japan, more than 42,000 people died from colorectal cancer in 2009(1).
About PillCam COLON 2
The PillCam COLON 2 video capsule is equipped with two miniature color video cameras (one on each end), a battery and an LED light source; it measures 11.6 mm X 31.5 mm. PillCam COLON 2 is designed to be ingested by the patient and transmit up to 35 frames per second for approximately 10 hours to a recording device worn by the patient. Data are transferred from the device to a computer that uses RAPID software to compile the video data and enable the physician to review and report the results of the PillCam study.
Dankner's shelf: Diversity hired Barclays finding a strategic alliance
IDB's bond yield take their toll. Biomed company traded by 1.6 billion sale may be next
Cyclamen rock
08/20/2012 08:14:38
Given Imaging company IDB Holdings Group of Nochi Dankner has hired the services of an international bank to find strategic partnerships may also include the sale of the company, I learned to Bizportal.
Diversity is currently traded at a value of 1.603 billion and held by Elron (22%), Discount Investments (15.26%) and company's RDC Rafael (8.61%). Sale of the company or a share of it, if carried out, will provide a group of IDB Holdings holds about 74% of DIC (which holds -50.46% Elron) Cash and take more of the risk reflected in bond yields now the group.
IDB Group officials did not hide the fact that consideration of any offer you get to develop their door and may flood value. Urgent need to implement the IDB Holdings also expressed yesterday (Sunday) with the announcement of the sale of the entire Guard Group Insurance in the amount of $ 221 million to the National Indemnity group controlled by Berkshire Hathaway's Warren Buffett. The transaction is expected to lead to the distribution of a dividend of NIS 400 million IDB.
In its account of diversity lay at the end of June to some -111.3 million in cash, after the company concluded the second quarter with a profit of $ 4.9 million on revenues of $ 44.5 million. The company lost less than five months almost a third of its value shadow lukewarm results and experiment pill partial failure diagnosis of colon cancer. The company said when publishing reports on August 8 that pill developed can not be used as a primary diagnosis, but at most an additional means colonoscopy.
Given Imaging said: "Six months ago, the company has appointed international investment bank Barclays find companies for investment and strategic partnerships Given Imaging."
IDB said: "The company does not work and does not initiate contacts for the sale of Given Imaging."
Oy vey, Oy vey!!!
Bad news ahead?(!)
Given Imaging Announces Reimbursement in Japan for Expanded PillCam SB(R) Indications
PillCam SB to Be Reimbursed as a First Line Diagnostic Tool for the Small Bowel
YOQNEAM, ISRAEL, Jul 11, 2012 (MARKETWIRE via COMTEX) -- Given Imaging GIVN -0.30% , a world leader in specialty GI products and pioneer of capsule endoscopy, today announced that Japan's Ministry of Health, Labor and Welfare (MHLW) has issued reimbursement codes for the PillCam Patency Capsule for use with PillCam SB(R) and for the PillCam SB video capsule for expanded indications for patients with known or suspected small bowel disease, including the visualization and diagnosis of Crohn's disease. PillCam SB may now be used as a first line tool without the need for upper or lower endoscopy.
Reimbursement for both the PillCam Patency Capsule and for expanded indications for PillCam SB in Japan is effective for the entire 105-million adult population as of July 1, 2012. Given Imaging is the only company offering the PillCam Patency Capsule to gastroenterologists in Japan.
"Most of our patients prefer PillCam SB as it is less invasive than other diagnostic methods and allows them to continue their normal daily activities," said Dr. Akira Terano, M.D., Ph.D., Emeritus President, Dokkyo Medical University, Tochigi, Japan and Chairman, Japan Association for Capsule Endoscopy. "We thank the Ministry of Health, Labor and Welfare for making it easier for people suffering from GI disorders of the small bowel to undergo this valuable procedure so that we can detect and treat their conditions."
"Reimbursement for expanded PillCam SB indications in Japan represents one of the broadest PillCam SB coverage policies in the world," said Homi Shamir, president and CEO, Given Imaging Ltd. "Our team in Japan will be working diligently to ensure that the medical community is aware of these new codes, which mean better access to PillCam SB for patients."
About Given Imaging Ltd. Since pioneering the field of capsule endoscopy in 2001, Given Imaging has become a world leader in GI medical devices, offering health care providers a range of innovative options for visualizing, diagnosing and monitoring the digestive system. The company offers a broad product portfolio including PillCam(R) video capsules for the small bowel, esophagus and colon [PillCam(R) COLON not approved for use in the United States.], industry-leading ManoScan(TM) high-resolution manometry and Bravo(R) pH and Digitrapper(R) pH and impedance monitoring. Given Imaging is committed to delivering breakthrough innovations to the GI community and supporting its ongoing clinical needs. Given Imaging's headquarters are located in Yoqneam, Israel, with operating subsidiaries in the United States, Germany, France, Japan, Australia, Vietnam and Hong Kong. For more information, please visit www.givenimaging.com .
Korea Intellectual Property Tribunal Holds Given Imaging Patents
Given Imaging (NASDAQ:GIVN)
Today : Monday 9 July 2012
Given Imaging Ltd. (NASDAQ: GIVN), a world leader in specialty GI products and pioneer of capsule endoscopy, today announced that the Intellectual Property Tribunal of the Korean Intellectual Property Office (KIPO) ruled last week that Given Imaging's two Korean patents asserted against Intromedic Co. Ltd. in Seoul's Central District Court are valid.
Given Imaging had filed a patent infringement lawsuit against Intromedic in Seoul's Central District Court in November 2011, asserting that Intromedic's capsule endoscope, marketed under the brand name MiroCam, infringes two Korean patents of Given Imaging. In response, Intromedic commenced proceedings before the KIPO to invalidate the two patents asserted by Given Imaging. The newly-issued decisions by the KIPO reject Intromedic's invalidity arguments and severely cripple one of Intromedic's main defenses against Given Imaging's patent infringement action. These decisions may be appealed by Intromedic.
Given Imaging intends to resume the infringement proceedings that have been stayed pending a resolution in the invalidity proceedings before the KIPO. If the patents are found by Seoul's Central District Court to be infringed by the MiroCam capsule and Given Imaging's request for an injunction is granted, Intromedic, based in Korea, will not be able to manufacture its capsule endoscope in Korea or sell it from Korea to customers worldwide. Rulings in these proceedings are expected by the end of this year.
"We are very pleased with the recent rulings by the Korean Intellectual Property Office. Given Imaging's innovative, state-of-the-art capsule endoscopy products have added a new dimension to GI diagnosis. We have invested considerable intellectual and monetary resources to bring this technology to the world and are determined to use our intellectual property, including approximately 320 registered patents worldwide, to protect our innovative product portfolio," said Homi Shamir, president and CEO, Given Imaging.
About Given Imaging Ltd.
Since pioneering the field of capsule endoscopy in 2001, Given Imaging has become a world leader in GI medical devices, offering health care providers a range of innovative options for visualizing, diagnosing and monitoring the digestive system. The company offers a broad product portfolio including PillCam® video capsules for the small bowel, esophagus and colon [PillCam® COLON not approved for use in the United States.], industry-leading ManoScan™ high-resolution manometry and Bravo® wireless and Digitrapper® pH and impedance products. Given Imaging is committed to delivering breakthrough innovations to the GI community and supporting its ongoing clinical needs. Given Imaging's headquarters are located in Yoqneam, Israel, with operating subsidiaries in the United States, Brazil, Germany, France, Japan, Australia, Vietnam and Hong Kong. For more information, please visit www.givenimaging.com.
7:02AM Given Imaging announces new study shows impact of PillCam SB on Management of symptomatic IBD cases; more than 60% of Crohn's patients had a change in medication within three months of pillcam Capsule Endoscopy (GIVN) 16.18 : The study's authors found that among the patients in the study with Crohn's disease, 61.6% of them had their medications changed within three months of receiving PillCam capsule endoscopy. 39.5 percent of patients with Crohn's disease had a new IBD medication initiated. 66.7% of indeterminate colitis patients had a change in medication management. Co stated " "This study adds to the large body of clinical evidence supporting the updated FDA clearance for PillCam SB to detect and monitor lesions that may indicate Crohn's disease
nice call man. i've been in since $13.80.
looks like a flag pattern in place here..little patience could pay off handsomly
Given Imaging Reports Fourth Quarter and Full-Year 2008 Results
2008 Fiscal Year Revenues Increase 11 Percent to $125.1 Million; 2008 Net Income of $4.0 Million Reflects $4.7 Million Bravo Acquisition Charge; 2009 Revenue Guidance Set at $141 - 148 Million; Company Declares Special Dividend
Last update: 6:08 p.m. EST Feb. 10, 2009
YOQNEAM, ISRAEL, Feb 10, 2009 (MARKET WIRE via COMTEX) -- Given Imaging Ltd. GIVN:Today announced financial results for the fourth quarter and twelve months ended December 31, 2008.
Worldwide revenues were $33.8 million in the fourth quarter of 2008, a 1.5 percent decrease from $34.3 million in the fourth quarter of 2007. Gross margin in the fourth quarter of 2008 was 72.6 percent, compared to gross margin of 71.5 percent in the fourth quarter of 2007, excluding a one-time charge of $4.8 million(1).
Net loss for the fourth quarter of 2008 was $2.0 million or $0.07 per share, compared to net income of $12.8 million, or $0.41 per share on a fully diluted basis in the fourth quarter of 2007. Net loss for the fourth quarter of 2008 includes a one-time charge of $4.7 million, resulting from the write-off of in-process R&D associated with the acquisition of the Bravo pH monitoring business. Excluding this one-time charge, net income for the fourth quarter of 2008 was $2.7 million, or $0.09 per share on a fully diluted basis. Net income for the fourth quarter of 2007 included, among other items, a gain of $22.9 million, and a tax expense of $3.0 million, both resulting from the termination of the agreement with Johnson & Johnson. Excluding this one-time charge, net loss for the fourth quarter of 2007 was $7.1 million, or $0.24 per share. A table detailing certain items affecting net income in the fourth quarter and full fiscal year of 2007 and 2008 is available below.
Cash and cash equivalents, short-term investments and marketable securities at December 31, 2008 totaled $90.3 million.
"We are pleased that in 2008 we were able to deliver top-line growth of 11 percent. We achieved these results in spite of the economic downturn and a slower than anticipated start in Japan," said Homi Shamir, President and CEO of Given Imaging. "Last year, we continued to focus on investing in talent, global expansion, partnerships and new product development. I am pleased to report that we demonstrated clear progress on all fronts. We enter 2009 with opportunities to expand PillCam SB sales around the world, an additional world-class partner in Japan and several new exciting products to launch in 2009 including the Bravo pH monitoring system, which is the gold standard test for diagnosing GERD. We also plan to initiate clinical trials for PillCam COLON 2 during 2009 which could prove to be invaluable as either a screening tool for colon cancer or a complementary test to colonoscopy. As we begin 2009, we recognize the uncertain economic environment and are cautiously optimistic about continuing to increase both our top and bottom lines this year with strong contributions from all of our regions."
Fourth Quarter 2008 Revenue Analysis
Sales in the Americas region were $20.7 million, down 5 percent from sales of $21.9 million in the same period in 2007. Sales in the EMEA region increased by 16 percent to $9.7 million compared to $8.3 million in the same period in 2007, while APAC sales declined by 16 percent to $3.4 million compared to $4.0 million in the same period in 2007.
Worldwide PillCam SB sales amounted to 55,800 capsules in the fourth quarter of 2008, an increase of two percent compared to the same period last year. PillCam SB sales in the Americas region decreased by five percent to 37,700 in the fourth quarter of 2008 compared to 39,800 in the fourth quarter of 2007. PillCam SB sales in the EMEA and Asia/Pacific regions increased 19 percent and 23 percent, respectively, compared to the fourth quarter of 2007. Worldwide reorders of PillCam SB increased by 9 percent to approximately 54,800 compared to approximately 50,600 in the fourth quarter of 2007. Reorders of PillCam SB in the Americas region increased by 1 percent to 37,300 compared to 36,900 in the fourth quarter of 2007. Reorders in the EMEA region increased by 18 percent, while APAC reorders increased by 72%.
In the fourth quarter of 2008, PillCam sales accounted for 83 percent of total revenues compared to 79 percent in the same period of 2007.
Supplemental fourth quarter data can be found at www.givenimaging.com in the Investor Relations section.
Twelve Month Financial Results
For the year ended December 31, 2008, sales increased by 11 percent to $125.1 million compared to $112.9 million in the same period in 2007. Gross profit for the twelve month period was 73.6 percent compared to 69.4 percent in 2007. Gross profit for 2007, net of the effect of the one-time charge, was 73.7 percent. Net income for fiscal year 2008 was $4.1 million or $0.13 per share on a fully diluted basis, compared to net income of $15.2 million or $0.49 per share, for the same period in 2007. Net income for 2008, net of the effect of the one-time charge of $4.7 million resulting from the acquisition of Bravo was $8.8 million, or $0.29 per share on a fully diluted basis. A table detailing certain items affecting net income in the fourth quarter and full fiscal year of 2007 and 2008 is available below.
Net cash generated from operating activities during 2008 totaled $9.5 million.
Total revenues increased in each of our regions with the Americas growing by three percent to $75.5 million, EMEA increasing by 28 percent to $34.9 million and the APAC region growing by 25 percent to $14.5 million. Overall PillCam SB revenues for 2008 grew by 14 percent over PillCam SB revenues in 2007. The company sold over 210,000 PillCam SB capsules in 2008.
Additional Income Statement Information
The following charges (credits) are included in the income statements for the three and twelve month periods ended December 31, 2008 and in the corresponding periods of 2007 (in millions of USD):
Fourth Twelve Fourth Twelve
Qtr Months Qtr Months
2008 2008 2007 2007
-------- ------- ------- -------
Stock based compensation expenses
(FAS123R) $ 1.7 $ 6.9 $ 1.7 $ 5.6
InScope gain - (5.4) (22.9) (22.9)
Tax on InScope gain - - 3.0 3.0
Write-off of acquired in-process R&D 4.7 4.7 - -
IP litigation expenses 0.1 3.2 2.5 5.2
Settlement agreement with Olympus
Corporation - (2.3) - -
Early repayment to OCS (effect on COGS) - - 4.8 4.8
Adjustment to Early repayment to OCS
(effect on net R&D) - - 0.7 0.7
Adjustment to goodwill 0.3 0.3 - -
Loss from sale of securities - 0.4 - -
Recent Developments
-- Bravo(R) pH Monitoring Business: Given Imaging acquired the Bravo(TM)
pH monitoring business for the diagnosis of Gastroesophageal Reflux Disease
(GERD) from Medtronic (MDT:
for $20 million. The Bravo system is the
only wireless, catheter-free pH test for GERD. It uses a disposable capsule
temporarily placed in the esophagus that measures pH levels and transmits
the data to an external receiver.
-- Distribution Relationship with FUJIFILM: Given Imaging has announced
an expansion of its distribution agreement with FUJIFILM. FUJIFILM Medical
Co. Ltd., a fully owned subsidiary of FUJIFILM, will distribute Given
Imaging's PillCam(R) SB product line in Japan as of January 20th, 2009.
-- Recent management changes: The Company announced that Christopher
Rowland, President of Given Americas, is leaving the company. Edwin
Cordell, Vice President, Finance of Given Imaging Americas, will serve as
President of Given Imaging Americas on an interim basis until a successor
is named. The company also announced the appointment of Dr. David Mason as
Chief Medical Officer. Dr. Mason is board certified in Internal Medicine
and joins the company from UCB Pharma.
2009 Guidance
The company expects full year 2009 revenues to be between $141 million and $148 million. The company expects fully diluted EPS of between $0.20 and $0.28. This guidance reflects the uncertainties of the current economic environment.
Dividend
The Board of Directors has approved a special cash dividend of approximately $0.54 per share, or $16 million in the aggregate. The actual payment of this special dividend, net of taxes withheld at source under Israeli law, is expected to take place on or about March 10, 2009. The dividend will be paid to shareholders of record as of the close of business on February 24, 2009. The ex-dividend date for the purpose of trading of the ordinary shares on the NASDAQ Global Market is February 20, 2009 and the ex-dividend date for the purpose of trading of the ordinary shares on Tel Aviv Stock Exchange is February 25, 2009.
The Board reviewed the Company's current and projected liquidity, its anticipated operating performance, and its growth strategies. The Board concluded that a total dividend payout of approximately $16 million is in excess of the Company's expected cash requirements. No additional dividends are currently anticipated.
Conference Call / Webcast Information
U.S. Call / Webcast
The company will host a conference call in English on Wednesday, February 11 at 9:00am ET. To participate in this teleconference, please dial (888) 215-6898 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial (913) 312-0835. The call will also be webcast live at www.givenimaging.com. A replay of the call will be available for two weeks on the company's website, or until February 25, 2009 by dialing 888-203-1112. Callers outside of the U.S. should dial 719-457-0820. The replay participant code is 2642066.
Given Imaging buys product line from Medtronic
http://www.globes.co.il/serveen/globes/docview.asp?did=1000405805&fid=942
The new operations in Israel are expected to create 30-40 jobs.
Shiri Habib-Valdhorn 9 Dec 08 14:48
Capsule imaging developer Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has bought the Bravo pH monitoring business for diagnosing Gastroesophageal Reflux Disease (GERD) from Medtronic (NYSE: MDT) for $20 million.
The Bravo system uses a disposable capsule temporarily placed in the esophagus that measures pH levels and transmits the data to an external receiver.
During the first 12 months after the transaction closes, Medtronic will continue to supply the Bravo products to Given Imaging. During this 12-month period, Given intends to move the Bravo system manufacturing operations to Israel, a move that is expected to create 30-40 jobs toward the end of 2009.
"The acquisition is a good strategic deal, not only for the company, but also for the State of Israel", said Given president and CEO Homi Shamir. He added that if the product line develops as Given expects, the job creation figure can double.
A small portion of the purchase price is contingent upon Medtronic completing the development of a new capsule delivery system already underway
Given president and CEO Homi Shamir said, "We believe that the Bravo pH monitoring system, with a wireless capsule that is a more patient-friendly test for GERD, is a synergistic and strategic fit with our innovative PillCam platform of GI diagnostic tools."
Shamir added, "As we transition the business during 2009, we anticipate that sales of the Bravo system will add approximately $12 million to our top-line results. After we transfer the manufacturing of the Bravo system from the US to Israel, we expect to realize bottom-line gains as well."
Shamir explained that Medtronic sold the product line as part of a strategic decision to exit the sector, "and we jumped on it".
pH testing, usually through catheters sent into the esophagus, is a classic method of diagnosing GERD, and during 2007, over 258,000 pH procedures were conducted in the US. The Bravo system is the only wireless, catheter-free pH test for GERD.
Gastroesophageal reflux (also known as heartburn) occurs when contents from the stomach flow back up into the esophagus. Occasional heartburn is normal, but chronic heartburn caused by GERD can affect daily activities and damage the esophagus. Datamonitor estimates that around 147 million people in the US, Japan, France, Germany, Italy, Spain and the UK (around 20% of the population) suffer from GERD.
Shares in Given closed at $9.80 on Nasdaq on Monday, reflecting a market cap of $286.7 million. On the Tel Aviv Stock Exchange (TASE), its shares were little changed, after rising 4.7% on Monday. So far in December, Given's TASE-listed shares are up 5.6%.
Is the VAT applied to medical procedures?
French Ministry of Health has concluded the reimbursement process for PillCam® SB and set a pricing level of 418EUR without VAT.
Given Imaging wins Ohio insurance coverage
Medical Mutual of Ohio will pay for the PillCam small bowel and esophagus capsules.
Globes' correspondent 14 Jul 08 12:28
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has obtained coverage of its PillCam SB (small bowel) capsule endoscope from another US insurer. Medical Mutual of Ohio will allow physicians to use PillCam SB as a primary test for symptoms indicative of small bowel tumors or Crohn's disease. It will also allow use of the PillCam ESO (esophagus) to test for illnesses when when esophago-gastroduodenoscopy (EGD) is contraindicated.
Given Imaging added that Medical Mutual of Ohio will also allow use of the Agile patency capsule used to verify adequate patency of the gastrointestinal tract in patients with known or suspected strictures prior to the administration of the PillCam video capsule.
Medical Mutual of Ohio is the state's oldest and largest health insurance company serving more than 3.9 million individuals in Ohio and South Carolina.
Given Imaging president and CEO Homi Shamir said, Today, more than 210 million Americans have reimbursed access to PillCam SB including 34 million Americans with access as a primary diagnostic tool. In addition, approximately 35 million Americans have reimbursed access to PillCam ESO. We anticipate additional coverage decisions like this in the future."
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2008
PillCam better for children's Crohn's disease treatment
A majority of patients studied had their condition reclassified as Crohn's disease following capsule endoscopy.
Sharon Baider 10 Jul 08 12:43
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has disclosed a study published in the July issue of the "Journal of Pediatric Gastroenterology and Nutrition", which found that the company's PillCam capsule endoscopy of the small bowel may enable more targeted and effective therapies for children with Crohn's disease.
The study said that the opportunities for improved treatment regimens were a direct result of reclassifying inflammatory bowel disease from ulcerative or indeterminate colitis to definitive Crohn's disease and from uncovering a more significant burden of small bowel disease for those children already diagnosed with Crohn's disease.
The study found that 71% of patients with ulcerative or indeterminate colitis were reclassified as having Crohn's disease, which led to a change in treatment. 62% of patients with Crohn's disease were found to have more extensive small bowel disease than previously identified.
The study was conducted by Dr. Stanley Cohen of the Children's Center for Digestive Healthcare in Atlanta. He said, "PillCam SB is a valuable tool that allows gastroenterologists to make better medical decisions and tailor pharmacological management, resulting in improved patient outcomes for those who suffer from inflammatory bowel disease. Information obtained through PillCam SB capsule endoscopy can enable us to reclassify disease or understand the full extent to which the disease is affecting patients, thus facilitating more targeted and effective treatment regimens."
Given Imaging rose 0.8% on Nasdaq yesterday to $15.13.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2008
Press Release Source: Given Imaging
http://biz.yahoo.com/iw/080519/0398747.html?printer=1
Study Confirms PillCam(R) COLON's Potential as a Complement to Colonoscopy to Increase Colo-Rectal Screenings
Monday May 19, 5:59 pm ET
PillCam(R) COLON Shows Encouraging Results Compared to Traditional CRC Screening Methods
YOQNEAM, ISRAEL and SAN DIEGO, CA--(MARKET WIRE)--May 19, 2008 -- Given Imaging Ltd. (NasdaqGM:GIVN - News) today announced the results of an eight-center European study confirmed that PillCam® COLON demonstrates encouraging results for detecting colo-rectal polyps compared to colonoscopy. The results were presented at the Digestive Disease Week® (DDW) 2008 conference taking place in San Diego. The prospective study was led by Jacques Deviere, M.D., Erasme Hospital in Brussels.
"The promise of PillCam COLON is increasing the number of colo-rectal screenings, which remain disappointingly low in Europe. This patient-friendly alternative could become a key tool in the effort to reduce the more than 212,000 colo-rectal cancer (CRC) deaths annually in Europe," said Prof. Deviere. "Patients who can't or are unwilling to undergo a colonoscopy have a new way to be screened in a very easy, painless way. If polyps or cancerous lesions are found, then the physician can perform a subsequent procedure to remove the lesions. The initial data on PillCam COLON is extremely promising and we look forward to additional clinical information to determine how best to use this valuable diagnostic tool."
The primary objective of the study was to assess the accuracy of PillCam COLON in detecting polyps as compared to traditional colonoscopy. The eight-center trial enrolled 320 patients, with a mean age of 59 years. Prior to capsule ingestion, patients underwent a traditional colon prep after a one-day liquid diet. The procedure included prokinetic tablets and additional small doses of laxatives. No sedation, intubation or insufflation was required. After capsule endoscopy with PillCam COLON, an independent physician performed traditional colonoscopy.
Capsule endoscopy with PillCam COLON showed sensitivity (the ability to positively identify disease) of 66%, with specificity (the ability to avoid a false positive) of 82% in identifying significant findings, with a positive predictive value (the percent who test positive when confirmed to have the condition) of 72% and a negative predictive value (the percent who test negative who are confirmed not to have the condition) of 77%. Significant findings were defined as at least one polyp larger or equal to 6 mm or 3 polyps of any size. For polyps larger or equal to 6 mm and 10 mm, capsule endoscopy showed sensitivity of 64% and 60% and specificity of 84% and 98% respectively.
About PillCam COLON
Snip
Oscar Gruss: Olympus may buy Given Imaging
The broker sees Given Imaging's settlement with Olympus as favorable, but has cut its rating.
Globes' correspondent 22 Apr 08 14:21
Oscar Gruss and Son has downgraded Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) to "Hold" from "Buy" and cut its price target from $20 to $16.
Oscar Gruss analyst Tal Ziv says, "Although we view the recent litigation settlement as a favorable development, we prefer to moderate our estimates and downgrade our rating to 'Hold'. We believe that the litigation settlement with Olympus Corp. (TSE:7733) may escalate the competition in the capsule endoscopy landscape, but simultaneously opens the door for Given Imaging’s potential acquisition by Olympus. In our opinion, before revisiting our rating, Given Imaging’s management should leverage its geographical expansion into revenues growth which exceeds the current range of 15-20% according to the annual guidance."
Yesterday, Given Imaging and Olympus signed a term sheet to settle their patent litigation, under which Olympus will pay Given Imaging $2.3 million and the two companies will "cooperate on mutually beneficial joint market development projects". Ziv says, "In the long term, we believe that this type of future cooperation may increase the chances for Given Imaging to be acquired by Olympus. However in the short term, we project that this may intensify the current level of competition between the companies, thus resulting in the narrowing of margins. Moreover, we note that this development will improve Given Imaging's cash position, following the significant $8 million in litigation expenses it has incurred over the past year."
Ziv predicts that Given Imaging will publish "tepid results" for the first quarter of 2008, which is a traditionally weak quarter. He reiterates his forecast of non-GAAP earnings per share of $0.05 on $25.8 million revenue for the quarter. He also predicts that the company's gross profit margin will narrow in 2008 because of increasing competition and the need for higher R&D spending on the Pillcam Colon. He therefore cut his full-year revenue forecast to $130.2 million from $133 million and non-GAAP earnings per share to $0.42 from $0.46. As for 2009, he predicts 20% revenue growth, as the company expands in Japan, obtains reimbursement in France and Germany, and expands the applications of the Pillcam small bowel and Pillcam esophagus.
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2008
Given Imaging urges slow and steady growth
Chairman Israel Makov: Given Imaging is a jewel in the crown of medical devices in Israel.
Shiri Habib-Valdhorn 11 Mar 08 11:15
"There is great interest in the company's technology. In the past year alone, there were hundreds of articles about capsule endoscopy," said Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) chairman Israel Makov at a press conference in Jerusalem yesterday at the International Conference on Capsule Endoscopy (ICCE). 60 gastroenterologists from around world participated at the conference, which is organized by the company.
Given Imaging has developed the PillCam, a capsule endoscope for the small and large intestines and the esophagus. The company is marking its 10th anniversary.
Makov took the opportunity to criticize Israeli companies that seek quick exits. "Given Imaging is slowly becoming a global company," he said. "I say this because it's important to me that Israeli companies develop and become global corporations, and that the special know-how that exists in Israel is used to build global companies rather than sold. Given Imaging is a good example. I see the company as a jewel in the crown of medical devices in Israel, and it has the potential of becoming a jewel in the crown of Israeli industry in general."
Given Imaging president and CEO Homi Shamir discussed the future of the company's capsule endoscopes, beyond the three already on the market. "The current capsule is passive and driven by muscle contraction. We're already working on technology to move the capsule, and to make cuts or secrete substances. This opens a whole world to the company, enabling the use of the capsule to make optical biopsies for example."
Shamir added that Given Imaging has $102 million in cash at the end of 2007. "We're considering what to do with the money. We're looking at other technologies that can help the company enrich its current technology." He added that there was nothing concrete on the agenda at this time.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2008
Israel approves Given Imaging's PillCam Colon
Fewer than 25% of Israelis over 50 are screened for colon cancer.
Globes' correspondent 20 Feb 08 09:25
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has obtained approval for its PillCam Colon from Israel's Ministry of Health, Health Technology and Infrastructure Administration. The announcement comes two days after the US Food and Drug Administration (FDA) denied marketing approval in the US. The share fell 7% on Nasdaq yesterday, and a further 6.2% in after-hours trading. PillCam Colon is the first capsule endoscope to enable physicians to visualize and evaluate diseases of the colon.
Given Imaging president and CEO Homi Shamir said, "We are pleased that the Israeli Health Ministry has approved PillCam Colon. We will be working with gastroenterologists throughout the country to educate them on this non-invasive alternative for imaging the colon."
Rambam Medical Center Department of Gastroenterology director Dr. Rami Eliakim added, "Colon Cancer is preventable if detected early, but less than 25% of individuals in Israel over the age of 50 are screened for colon cancer. PillCam Colon offers a non-invasive alternative for individuals who cannot or do not wish to undergo colonoscopy and presents an opportunity to increase adherence to colorectal cancer screening guidelines and save lives."
As reported in a recent meeting of the Israeli Gastroenterology Society, colorectal cancer accounts for 1,300 deaths in Israel annually.
Given Imaging will report fourth quarter and 2007 results after the close on Wall Street today. It had previously lowered its full-year revenue guidance to $109-112 million from $114-119 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 20, 2008
FDA rejects Given product
CEO Homi Shamir: We recently launched PillCam Colon in Europe and in other countries.
Globes' correspondent 19 Feb 08 11:41
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has received from the US Food and Drug Administration (FDA) "a not substantially equivalent (NSE) letter regarding its 510(k) application to market PillCam Colon in the US." According to the FDA, an NSE letter means that the device was found to be not substantially equivalent to a legally marketed device, and may not be introduced into commercial distribution in the US.
Given Imaging president and CEO Homi Shamir said, "While we are disappointed by the FDA's decision we are evaluating our options to bring PillCam Colon to the US market as quickly as possible. We recently launched PillCam Colon in Europe and in other countries, and we are working closely with leading GI clinicians to determine its optimal role in patient care. On a parallel track and consistent with our commitment to innovation, we are accelerating development of a next generation colon capsule."
Given Imaging added that it did not expect this decision to have a material impact on 2008 revenue as PillCam Colon capsule sales in the US were not projected to be significant in 2008.
Given Imaging rose 1% in morning trading on the TASE after falling 13.8% yesterday. The company will publish its financial report for the fourth quarter of 2007 and the year as a whole, and also provide its guidance for 2008, tomorrow.
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2008
P.S. I have no interest in GIVN other than academic
GIVEN IMAGING RECEIVES NSE LETTER FROM THE U.S. FOOD AND DRUG DMINISTRATION REGARDING ITS APPLICATION TO MARKET PILLCAM® COLON
http://maya.tase.co.il/bursa/report.asp?report_cd=334670-00&CompCd=2200&Type=Pdf
- Company accelerates development of next generation PillCam COLON capsule - YOQNEAM, Israel, February 18, 2008 - Given Imaging Ltd. (NASDAQ: GIVN), the global leader in capsule endoscopy, today announced that the U.S. Food and Drug Administration (FDA) has sent the company a not substantially equivalent (NSE) letter regarding its 510(k) application to market PillCam® COLON in the United States.
“While we are disappointed by the FDA’s decision we are evaluating our options to bring PillCam COLON to the U.S. market as quickly as possible,” said Homi Shamir, president
and CEO of Given Imaging. “We recently launched PillCam COLON in Europe and in other countries, and we are working closely with leading GI clinicians to determine its optimal role in patient care. On a parallel track and consistent with our commitment to innovation, we are accelerating development of a next generation colon capsule,” added Mr. Shamir.
.
The Company does not expect this decision to have a material impact on 2008 revenues as PillCam COLON capsule sales in the U.S. were not projected to be significant in 2008.
As previously announced, the Company will publish its audited financial results for the fourth quarter and full year 2007, and provide 2008 financial guidance following the close
of trading on Wednesday, February 20, 2008. The company will host a conference call in Hebrew at 7:00am ET and in English at 9:00am ET on Thursday, February 21 to discuss these matters.
About Given Imaging Ltd.
snip
Yes, i noticed the action, Idit
I read the Globes Hebrew version
mentioning the rumours which caused
the downfall.
Dubi did you see the action today? It closed -14%.
There are rumors that the FDA didn't approve Pillcam Colon 1.
Given Imaging Announces Aetna to Cover Capsule Endoscopy of the Esophagus
Monday November 19, 2:00 am ET
First Private Insurance Payer to Cover Procedure for Esophageal Varices
YOQNEAM, ISRAEL--(MARKET WIRE)--Nov 19, 2007 -- Given Imaging Ltd. (NasdaqGM:GIVN - News), the global leader in capsule endoscopy, today announced that Aetna, the third-largest U.S. health insurer, has updated its capsule endoscopy policy effective November 9, 2007. Under the new guidelines, Aetna will now cover cirrhotic patients for the screening and surveillance of esophageal varices using capsule endoscopy of the esophagus. Aetna currently serves 16.6 million medical members. The addition of Aetna's coverage policy now brings the total number of people in the U.S. that have reimbursable access to PillCam® ESO to approximately 30 million.
"We commend Aetna for recognizing PillCam ESO and its role in the evaluation of esophageal varices in cirrhotic patients," said John M. Vierling, M.D., Baylor College of Medicine. "We hope that additional payers will soon recognize the value of this non-invasive procedure to identify patients with varices so that we can use proven prophylatic therapies to reduce the risk of bleeding."
Varices are varicose veins that occur in the esophagus as a result of portal hypertension, which is a complication of cirrhosis. The increased pressure within esophageal varices makes them susceptible to rupture and bleeding. Approximately 360 of every 100,000 Americans have cirrhosis, and gastroesophageal varices are present in 40-60% of these patients.
http://biz.yahoo.com/iw/071119/0330141.html
Needham sees buyers for Given Imaging
“Given Imaging could be an attractive acquisition target for any of the large gastroenterology imaging or diagnostics companies.”
Globes’ correspondent 15 Oct 07 12:58
Needham gives Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) a “Buy” with a market cap of $40, compared with yesterday’s close of $30.02 on Nasdaq.
Needham analysts Ed Shenkan and Sammer Harrish say that Given Imaging could be an attractive acquisition target for any of the large gastroenterology imaging or diagnostics companies, including Boston Scientific (NYSE: BSX), Johnson & Johnson (NYSE: JNJ), Fujinon Inc., Olympus Corp. (TSE: 7733; DAX: OLY; Pink Sheets: OCPNY), or Pentax Corporation (TSE:77500).
Needham notes that there have been a number of high-value deals in the diagnostics industry lately. The analysts says that Given Imaging’s premium is higher than that of its peers because the company’s highly innovative technology, its strong differentiation, large sales opportunities in the world, and because it’s a takeover target.
Given Imaging develops endoscopic capsules for use in the large intestine and esophagus. The capsules transmit images to a computer terminal, making it possible to spot inexplicable bleeding and other irregularities. The IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary is run by president and CEO Nachum Shamir. It has market cap of $870 million.
Given Imaging predicts $114-119 million revenue in 2007 in its guidance. Needham predicts that Given Imaging will have 25% growth in 2005, 40% growth in 2008, and 30% growth in 2009/
The analysts note that Japan began reimbursing on October 1 for PillCam SB (small bowel) and said that this gives them more confidence in their forecasts for the company. "We believe Capsule Endoscopy in Japan will launch faster than in the US because reimbursement is in place initially, the capsule endoscopy market is more mature compared to when Given Imaging launched in US, and the large body of peer reviewed journal articles support adoption." They also note a French government plan to subsidize the company’s PillCam SB beginning in the second half of 2007 and that the US Food and Drug Administration (FDA) will also approve the capsule.
Needham believe that Olympus is a probable buyer of Given Imaging, even as it is now starting to compete against the company. Needham predicts that Olympus will launch its endoscopic capsule at the American College of Gastroenterology annual meeting in Philadelphia this week.
Published by Globes [online], Israel business news - www.globes.co.il - on October 15, 2007
And the PillCam COLON.
This is one of the reasons GIVN share price
has not been too negatively effected .
Given's PillCam SB has a slight advantage over the Endo Capsule of Olympus when it comes to interpreting the data and the time it takes to diagnose.
Given Imaging rival wins FDA approval
Olympus's capsule is used for small bowel imaging.
Gil Shlomo 18 Sep 07 17:08
Gastrointestinal diagnostic company Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has suffered a setback today with the news that its rival Olympus Corp. (TSE: 7733; DAX: OLY; Pink Sheets: OCPNY) has secured US Food and Drug Administration (FDA) approval for its "Endo Capsule" for visualization of the small bowel mucosa. This is a rival version of Given Imaging's flagship product, the SB Capsule, and is currently leading in terms of sales. Given Imaging has also launched capsules for the imaging of the esophagus and large intestine.
Market sources believe that Given Imaging will be affected in the short-term, because of Olympus's strong marketing operations, but this will be offset over time since Olympus's entry is likely to expand the market as a whole.
Given Imaging fell 4.85% in afternoon trading on the TASE. The company currently has a market cap of $723 million.
Published by Globes [online], Israel business news - www.globes.co.il - on September 18, 2007
Direct competition to Given: Olympus has received FDA clearance to market its endoscopy capsules and hardware in the U.S.
Oscar Gruss sees French, Japanese markets driving Given
The investment house also sees "enormous potential" from new endoscopic capsules for the esophagus and large intestine.
Globes correspondent 5 Sep 07 13:01
Oscar Gruss has initiated coverage of gastrointestinal diagnostic company Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) with a "Buy" rating and a target price of $30 per share. The share closed at $27.04 on Nasdaq yesterday.
"Given Imaging's core business has grown at a compound annual growth rate (CAGR) of approximately 32.5% during the past five years due to successful penetration into the US market," says Oscar Gruss. "This was achieved by promoting reimbursement for its capsule endoscopy, which now covers an insured population of 220 million and is installed in over 30% of all gastroenterology sites in the U.S. Approximately 86% of the company’s revenues are derived from its small bowel capsule product, while the remainder stems from the selling of workstations and capsule accessories. Parallel to its revenue growth, the company has also launched capsules for the visualization of the esophagus and large intestine. We believe that these capsules bear enormous potential in aiding Given Imaging's long-term expansion."
Commenting on Given Imaging's future prospects, Oscar Gruss believes that the company will have a major growth engine from the approval of reimbursement for its device in Japan. "We believe Given Imaging’s penetration into new geographies will play a pivotal role in its growth. With reimbursement apparatus already available, and armed with the support of clinical trials, we recognize substantial growth potential in Japan, the second largest pharmaceutical market worldwide. Moreover, in our opinion another growth catalyst for the company’s business is reimbursement by the French national health system anticipated for the later part of this year. We believe in the capability of the company’s management to realize this potential, and possibly exceed its guidance."
As for its revenue and earnings estimates for the company, Oscar Gruss says, "We expect earnings to grow at a CAGR of approximately 56.1% between 2007 and 2009, secondary to accelerated revenue growth, gross margin expectations and operating leverage. We estimate Non-GAAP earnings per share (excluding. litigation expenses) for the third quarter of 2007 and 2007 as a whole to be $0.11 and $0.39, respectively, (or $0.05 and $0.15 on a GAAP basis)."
Osar Gruss believes the risks to Given Imaging lie in its dependence on regulatory approvals and the timelines they entail. "All of Given Imaging’s products and applications are subject to approval by food and drug administrations around the world, the process of obtaining reimbursement coverage approvals is lengthy and may take several years. Additionally, there is always a risk of cancellation, be it of reimbursement or even of the national drug administration approval. Given Imaging sees competition from Olympus, an established worldwide traditional endoscopy market leader, recently launched its capsule endoscopy in Europe and Australia," it says. The investment house still believes the company's potential market will be large enough for it to overcome any setbacks. "As a pioneer of capsule endoscopy for the digestive system, we believe that Given Imaging offers a unique and pivotal in screening and diagnostics, one of the fastest growing markets in the healthcare industry," it adds.
Published by Globes [online], Israel business news - www.globes.co.il - on September 5, 2007
Given Imaging gets back in black
By Yoram Gavison
Biotech company Given Imaging returned to profitability during the second quarter of 2007, the company reported late Wednesday night.
The manufacturer of gastrointestinal diagnosis devices "performed well on all fronts," said Homi Shamir, president and CEO of Given Imaging, "and we received to important permits." Given Imaging turned a $600,000 profit or two cents per share, turning around from a $700,000 loss during the parallel period. Sales grew 20 percent for the quarter to $27.8 million.
Sales in the U.S. during the second quarter shot up 19 percent compared to the previous quarter to $18.4 million. European sales did almost as well, rising 17 percent to $6.9 million.
The company's flagship product is its PillCam Platform, featuring a disposable, miniature video camera contained in a capsule ingested by the patient, a sensor array, data recorder and software. The PillCam SB video capsule, capturing footage of the entire small intestine, is one of the company's main products.
Worldwide PillCam SB sales were approximately 48,500, an increase of 23 percent over the same period last year.
PillCam SB sales in the Americas increased 25 percent. PillCam SB sales accounted for 86 percent of total revenues compared to 81 percent of total sales in the same period of last year.
Financial vice president Yuval Yanai said the company expects sales to pick up in the Asia Pacific region as Given Imaging begins marketing its diagnostic capsules in Japan starting this October. CEO Shamir believes sales in Japan will total several million dollars before year's end.
The dual-listed stock was up just over 4 percent in late afternoon trading on Nasdaq yesterday.
http://www.haaretz.com/hasen/spages/889399.html
Given Imaging posts Q2 profit:
http://maya.tase.co.il/bursa/report.asp?report_cd=283829-00&CompCd=2200&Type=Pdf
If he thinks the Given Pill Cam is simple he has an awful lot to learn.Equally complex is the other end of Given'\s system-the rceiver and image processing device and viewer.When you realize how much capability is packed into a device the size of a large medicine pill you'll be on the way to being able to properly see what a breakthrouigh this system really is.
Thanks for the post. Most interesting reading . I like you am in for the longer haul and am most optomistic.
Press Release Source: Given Imaging
Given Imaging Receives Reimbursement Clearance for PillCam(TM) SB From Japan's Central Health Insurance Committee
Wednesday June 27, 12:01 am ET
Reimbursement Coverage Includes Entire Adult Population in Japan
YOQNEAM, ISRAEL--(MARKET WIRE)--Jun 27, 2007 -- Given Imaging Ltd. (NasdaqGM:GIVN - News), the global leader in capsule endoscopy, today announced that Japan's Chuikyo (Central Social Health Insurance Committee) has approved reimbursement for the company's PillCam(TM) SB capsule endoscope. Effective October 1st, 2007, Japan's entire adult population will be eligible for reimbursement of the PillCam SB procedure for small bowel indications with obscure GI bleeding. This announcement follows approval from Japan's Ministry of Health, Labor and Welfare (MHLW) to market and sell the PillCam SB capsule endoscope in Japan on April 23rd of this year. Japan is believed to be the world's second largest healthcare market.
ADVERTISEMENT
Homi Shamir, president and CEO of Given Imaging, said, "This is an important day for our company as it means that patients in Japan who suffer from abdominal symptoms can now be diagnosed using PillCam SB, a proven patient-friendly, effective procedure. We are very pleased that Chuikyo issued its reimbursement decision well ahead of our expectations and will continue to work closely with our Japanese partners to educate gastroenterologists throughout the country and accelerate sales of PillCam SB. In the future, we will introduce the rest of our product line including the PillCam SB 2, PillCam ESO 2, AGILE patency and PillCam COLON into the Japanese market."
About Given Imaging Ltd.
GIVN was cramerized, will probably cause a few % up:
Given Imaging (GIVN) has a product that could revolutionize the health care industry, Jim Cramer told viewers of his "Mad Money" TV show on Speculation Friday.
The Given System is a wireless imaging system that uses disposable video capsules, he explained. And the company sells a medical device called the PillCam, a pill-sized camera that people swallow to detect internal problems.
Israel-based Given has already used its PillCam capsule for endoscopy procedures in which cameras have checked out patients' upper and lower intestines. This method, Cramer said, seems much more comfortable than checking out gastronomical problems the old-fashioned way.
In the past, Cramer said, he's made viewers money in such medical device companies as Hansen Medical (HNSN) , Micrus Endovascular (MEND) , Kyphon (KYPH) and Intuitive Surgical (ISRG) .
In Intuitive Surgical's case, Cramer speculated on much more complicated technology, whereas in Given's case, he said he's betting on the success of a simple PillCam.
If people buy Given, they'll be taking a "calculated risk." But if the PillCam is as much of a hit as he believes it might be, the big earnings should start rolling in within a couple of years, Cramer said.
For medical devices, he said, he looks at both rigor and pending approvals. Given is coming out with PillCams for the esophagus and colon. Plus, its guidance looks promising and is a sign that there's more to come from the company.
"I come to grow Given Imaging, not sell it"
Nachum (Homi) Shamir has just completed his first year as CEO of Given Imaging. In an exclusive interview with "Globes" he promises annual growth of 20-25%. "Given Imaging is not a start-up, it has to make money," he insists.
Gitit Pincas 13 Jun 07 19:27
"Given Imaging is a good company and it will stay that way. A real cracker of a company. I'm very glad I joined."
Globes: Fine, we'll have to see whether the dream comes true this time.
"There we go again with the skepticism. Let's arrange to meet in a year's time. You won't be disappointed. We're on the right track, and our story is bound to be positive. Given Imaging is a company with a real base, not a bubble. Everyone will give us credit when we release the annual forecast."
As you can see, Nachum (Homi) Shamir, who took up his post as CEO and president of Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) just over a year ago, is extremely optimistic. He is aware of the company's background, and the frustration that investors have felt over the dream that surrounded that has failed to materialize, and he hopes that the company's current strategy, which he initiated in recent months, will produce the right results.
"Our primary focus in the company today is on performance, performance, performance," says Shamir in an exclusive interview with "Globes." "Last year we made a real start to the rebuilding of the company's direction. The thing that stood out first and foremost was that Given Imaging has been losing money. That a company with $90-100 million in revenue and a gross profit of 75% should be losing money is unacceptable. Since then, I have introduced a concept that everyone is now reciting: 'Show me the money.' We have to make a profit. Given Imaging is not a start-up, it has to make money."
Given Imaging is a company whose roots can be traced back to the missile laboratory at Rafael Armament Development Authority Ltd. (RDC). Its first patent was issued in 1997, and it was founded under the auspices of Rafael Development Corporation Ltd. in 1998. The company's technology is designed to diagnose gastrointestinal diseases and disorders, by having a patient swallow a video capsule (PillCam), which while making its way through the patient's gastrointestinal tract relays images to a work station where the results can be analyzed by a physician. Given Imaging's flagship product is the Small Bowel capsule and it has also developed PillCam capsules for imaging the esophagus and colon. The company, which is traded on Nasdaq, currently has a market cap of $720 million, and its stock has risen 30% since the beginning of the year.
Shamir sees his appointment as Given Imaging CEO as a "homecoming." This brings us to the company's shareholders. Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) holds 19.5%, and Discount Investment Corporation (TASE: DISI) holds 17.3% following a recent stock purchase. The other shareholders are AXA which holds 13.8%, RDC which holds 9.7%, and Orbimed Advisers LLC, which holds 6.7%. In other words, the owners are IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner. For Shamir this is indeed a return to the fold, since he previously managed the Scitex subsidiary Scitex Digital Printing (SDP), which produced digital printers and which was sold to Eastman Kodak Co. (NYSE: EK) in 2003 when IDB had the controlling stake in Scitex.
"After SDP was acquired I joined Kodak," says Shamir. "I had a very interesting two years there and then, one day, Nochi Dankner and Avi Fischer (IDB deputy chairman, and joint Clal CEO, G.P.) contacted me and said they had something very interesting for me: Given Imaging, a company that was in need of a vision and an ability to deliver. The truth is that I had already been following the company and I thought it was quite unique. It reminds me of SDP; it has a unique technology that none of its competitors have. The approach came at a good time since I was getting bored at Kodak. I was a senior VP within the organization but it wasn't a company that I managed."
Shamir's connection with IDB goes back many years. "Avi Fischer is a childhood friend of mine. My parents are friendly with his. Nochi studied together with me at the Gymnasia. Zvika Livnat (IDB vice chairman and joint Clal CEO, G.P.) is my sister's neighbor so I've known him for at least 18 years," he says.
Shamir has now lived outside of Israel for 27 years, and he spends three days here every two weeks. His career has also taken him to other businesses apart from printing. During the 1980s, he worked at a company that belonged to the Eisenberg group, which engaged in agricultural projects ("at a time when the avocado and mango were the State of Israel's high-tech"). He then spent some time in Fiji and the Philippines managing flotations of gold mining companies. He joined Scitex after Avi Fischer introduced him to Yoav Chelouche, then VP business development at the company, at a cocktail party.
Shamir points out that he had invested in Given Imaging shares even before he took over as CEO. "Given Imaging excited me, I entered at $26-27 but later on, as CEO, I also bought shares when they were at $17, so I'm doing OK now," he says. Given Imaging is currently traded at $25. Shamir received 300,000 warrants at $17.80 each, so he has already made a profit on the stock, plus a further 100,000 vested shares. His annual salary, incidentally, is $330,000 and he also received a bonus of $371,000, 150% of his salary, plus $50,000 to cover his relocation to Atlanta.
Your remit at SDP was to sell the company. What is your remit at Given Imaging? Sell as well?
Shamir: "No. With SDP it was the best way to deliver value for the shareholders. The remit at Given Imaging is to build the company. And in any case, if there is an offer the board and shareholders are the ones who will decide, not I. Obviously no one ever says no upfront, but all of us - from Nochi downward believe that Given Imaging will be a big company."
In private conversations in the past, he talked in terms of billions.
"I don't want to go into figures, but the great hopes are one of the reasons that I joined the company. It will, however, take time, stage by stage. Given Imaging is a good company and I very much appreciate the support I have been getting from IDB, and the fact that Nochi and Avi's doors are open to me whenever I'm in Israel."
The billions still seem a long way off.
"Given Imaging has grown, it is likely to have sales of $114-119 million this year, but it would appear that when it made its two offerings in October 2001 ($60 million at $12 a share), and in June 2004 ($92.2 per share, including an offer for sale totaling $32 million), the hopes were different. And in any case, meeting the capital market's expectations was not the company's strong point. As things stand at present, the esophagus and colon capsules are still not generating sales, at least nothing significant, and Given Imaging has remained focused on the small bowel capsule, while the expectations were that by this stage it would be a company with three products worldwide.
"Building expectations is a matter of trust. We're now building the foundations that will turn Given Imaging into a company with sales totaling several hundred million dollars," Shamir continues. "It was a start-up until now, with jumps in revenue, and we are now promising year-on-year growth of 25-30%. This is what we should be assessed by in the future. As a rule, we want to meet the market's forecasts, but it's difficult to judge us by one quarter or another.
"In the first quarter of 2007, for example, the analysts predicted that we would add $500,000 to our revenue. Does it matter? I don't run the company according to the analysts, but I do urge everyone to follow us and see whether we reach revenue of $250 million within three years. The gastro industry is priced on average at a sales multiple of 6. If we actually do have sales of $250-300 million, then we clearly do have potential. True, we already have been traded at similar values, but this is no longer a bubble but a genuine story."
One of the changes that the company made last year was to focus on selling capsules rather than work stations. "We reached a certain saturation point in work stations. There are between 8,000 to 11,000 gastroenterology doctors in the US and an average of 3 doctors per clinic. We had already sold 2,500 work stations so there's less room to grow there. We would like to work on the razor blade model, with doctors buying our capsule packs as a regular item. In the past, our sales strength in the US was focused on selling stations that cost $25,000 each, and this was easier than focusing on customers who buy packs of 10 capsules at $4,500," says Shamir. "So we made a change to the method we use to remunerate distributors with the aim being to sell capsules. We've made a tremendous change, and we're making good progress with the results. Once our competitor, Olympus, enters the market, this gives us a broader focus because we know the doctor and the data and we can help him promote the use of our capsule."
The second tier in Given Imaging's new strategy is geographic expansion. "When you look at us as a company with one product that sells, the small bowel capsule, with the US accounting for 80% of our revenue, you can't sleep easy at night. The goal is to increase our presence in Europe, Japan, and the rest of the world. We're not a one-product company, and we've been making this clear to doctors who now realize that in future one computer station will have three product lines," says Shamir.
Given Imaging has been talking about penetrating Japan for many years. This has so far failed to materialize, even though the business partnerships were signed years ago, in 2002. "It really has become an issue about which investors have been asking a lot questions," says Shamir. "Obtaining approval from the Japanese pharmaceuticals authority, the PMDA, is not easy and can take years. But the process at Given Imaging was not handled the right way, and there were even doubts as to whether we would get the approval in the near future.
"I got help from our board member Jim Cornelius, who is currently acting CEO at Bristol-Myers Squibb and formerly chairman of Guidant. He gave the name of an 80 year old man, a scion of the Sony family, who used his contacts and opened doors for us. That's how we got the approval. Japan could be at least as large a market as the US within a few years, so there's a lot of potential here. We're hoping to get cover from insurance companies there within seven to ten months from today. In Europe, we are hoping to get the capsule included in the French product basket, and we hope this will happen in the fourth quarter of the year."
Yet despite this, the small bowel capsule will continue to be the company's primary fuel. "The SB capsule is our bread and butter in the coming years. The colon capsule is a tremendous dream, a tremendous market, but it will take time to build."
What about Olympus? When they will become actual competitors?
"We're waiting to see what happens there as well. At present, their FDA approval has been delayed, and that quite clearly is evidence of problems. The process should have taken two to three months and they've now been waiting for seven months. They're already selling in Europe, but we've never had a better year there. So there are announcements, but we're the ones with the products. That said, we don't underestimate anyone, and we have been working as if there was competition since last June. Generally speaking, I would be very happy if they were to make a stronger entry since I feel that if a company doesn't have any competitors, there's something wrong with the industry. The quicker we move forward, the bigger our lead will be over the competition."
One of the recent changes at Given Imaging was the appointment of former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) president and CEO Israel Makov as chairman, in place of Elron CEO Doron Birger. "Doron has done some fantastic work in his five years as chairman," says Shamir. "But Israel Makov brings a strategic vision that is unrivalled in Israel, and he will strengthen the company. He will not be an active chairman, but he will help to open doors for us, and he will also help me think. I have just spent two hours talking strategy with him. He is a tremendous asset and it's amazing that Nochi Dankner was able to bring him on board."
His entry has already led to movement in the stock.
"I think that when we show investors that our small bowel business is growing by 25% a year, as well as other developments such as the entry to new markets, the movement in the stock will continue. In any case, I intend to bring in several more board members, one of which will be the American CEO of a medical device company. At present I feel that there are too many board members from the pharmaceutical industry."
Published by Globes [online], Israel business news - www.globes.co.il - on June 13, 2007
Given Imaging gets FDA clearance on PillCam for esophagus
By Robert Daniel
Last Update: 7:40 AM ET Jun 14, 2007
TEL AVIV (MarketWatch) -- Given Imaging Ltd., (GIVN) the Yoqneam, Israel, producer of capsule-endoscopy systems, said it received 510(k) clearance from the U.S. Food and Drug Administration for its next-generation PillCam ESO 2 video capsule for imaging the esophagus. Given has granted U.S. marketing rights for the product to the InScope division of Ethicon Endo-Surgery, which in turn is part of Johnson & Johnson. (JNJ)
Given Imaging Announces Highlights of Sixth International Conference on Capsule Endoscopy(TM)
Tuesday June 12, 2:00 am ET
YOQNEAM, ISRAEL--(MARKET WIRE)--Jun 12, 2007 -- Given Imaging Ltd. (NasdaqGM:GIVN - News) today announced highlights from the 6th International Conference on Capsule Endoscopy(TM) (ICCE(TM)), which took place in Madrid, Spain, June 8 - 9, 2007. Jacques Devière, M.D., ULB Hôpital Erasme, Brussels, Belgium and Juan A. Ramirez-Armengol, M.D., Hospital Clínico San Carlos, Madrid, Spain co-chaired the meeting that included more than 80 abstracts, posters and case studies presented by gastroenterologists from 34 countries on capsule endoscopy in the small bowel, colon and esophagus.
"ICCE Madrid is an opportunity for physicians to share the latest scientific and clinical data, as well as practical information about new applications of capsule endoscopy," said Roberto de Franchis, Professor of Medicine at the University of Milan, Italy and Honorary President of ICCE. "Among the most interesting presentations were those that validated capsule endoscopy's ability to change patient management and, subsequently, clinical outcomes through earlier detection and definitive diagnosis of gastrointestinal cancers, Crohn's disease and life-threatening sources of bleeding."
Among the highlights at this year's ICCE were studies presented on:
Colon capsule endoscopy
In a session entitled "Scientific Evidence of PillCam Colon CE," co-chair Jacques Devière, presented the interim results of a European multi-center clinical trial of 329 patients to assess the yield of PillCam Colon capsule endoscopy (Colon CE) in detecting polyps and other pathologies compared to traditional colonoscopy. Patients included in this study were known to have or suspected of having colonic disease and were referred for colonoscopy. Patients went through a traditional PEG colon prep and ingested the capsule in the morning. The procedure included prokinetic agents and additional small doses of laxatives. Independent physicians performed capsule imaging analysis and traditional colonoscopy ("gold standard") after excretion. Significant findings were defined as at least one polyp greater than or equal to 6 mm or greater than or equal to 3 polyps of any size. Based on an interim analysis of results in 84 patients, the study's authors concluded that Colon CE showed encouraging sensitivity and negative predictive values for detection of significant findings compared to colonoscopy, and if these data are further validated at the conclusion of this study, this new non-invasive technology might challenge colonoscopy for CRC screening and polyps detection.
Iron-Deficiency Anemia
Researchers at the CHU de Nancy, Internal Medicine and Digestive Pathology, France led by Michel Delvaux M.D., conducted a study to compare the clinical characteristics of patients with chronic iron-deficiency anemia (CIDA) and patients with occult gastrointestinal bleeding (OGB) and to evaluate the diagnostic yield of capsule endoscopy (CE) in patients with CIDA. Two groups of patients were selected from a cohort of 604 consecutive patients investigated with CE between 01/2002 and 12/2006. Based on the results of the study, the study authors concluded that while CE has a high diagnostic yield in patients with CIDA, it has a higher yield in patients with OGB suggesting that CE should be performed early in the work of patients with CIDA to help to direct further investigations.
Inflammatory Bowel Disease
An interim analysis of a multi-center Australian study of CE in suspected small bowel Crohn's Disease (SB CD) led by Warwick Selby, M.D. of Royal Prince Alfred Hospital Sydney, sought to determine the diagnostic ability and clinical impact of CE for suspected SB CD in symptomatic patients with a non-diagnostic standard work-up including colonoscopy and SB follow-through within 6 months of enrollment. Of the 51 patients who had completed the study to date, a preliminary analysis of entry criteria showed that CE was able to diagnose SB CD in 22% of subjects. Raised inflammatory markets or anemia made a diagnosis of CD more likely. These results need to be confirmed by analysis of the full cohort.
Bleeding
Fifty-three Australian physicians participated in a national registry established by the Gastroenterological Society of Australia and the Australian Capsule Endoscopy Interest Group to determine the long-term diagnostic benefit, safety and cost-effectiveness of capsule endoscopy in patients with obscure GI bleeding (OGIB). The participating physicians performed 2,949 CE procedures on patients who had previously undergone upper endoscopy and colonoscopy. Prior to undergoing the CE procedure, the patients had undergone an average of 3.6 diagnostic procedures, including 1.6 endoscopies and 1.5 colonoscopies. The average cost of these procedures was A$3,282. In addition, 37% of patients were admitted to the hospital in the 12 months before capsule endoscopy. During the study period, the cost-per-patient decreased 21%. In a follow up of 420 studies, the cost of investigation decreased to A$324, and only 11% of patients required hospital admission. The study confirmed the high diagnostic yield of CE for OGIB in a large patient population and confirmed safety and cost effectiveness.
Esophageal Varices
Victor Fox, M.D. of Children's Hospital in Boston, Massachusetts conducted a 27-patient study to determine the feasibility of using PillCam ESO in children and young adults with esophageal varices, a dangerous complication of liver cirrhosis and portal hypertension that can lead to life-threatening bleeding. The study concluded that PillCam ESO is a feasible alternative to conventional endoscopy for screening and surveillance of esophageal varices.
Latest Advances
Physicians at the Mayo Clinic College of Medicine, department of Gastroenterology and Hepatology, Scottsdale, Arizona conducted a meta-analysis of eleven studies including approximately 749 patients comparing the diagnostic yield of capsule endoscopy and double-balloon enteroscopy (DBE) in patients with suspected small bowel disease. Physicians concluded that capsule endoscopy and DBE had a comparable diagnostic yield, and that capsule endoscopy should be the diagnostic test of choice due to its non-invasive nature.
About ICCE
Started in 2002, the International Conference on Capsule Endoscopy(TM) is the main forum for leading gastroenterologists and key opinion leaders to exchange scientific, clinical and practical information about capsule endoscopy. For more information visit www.icce.info
http://biz.yahoo.com/iw/070612/0264799.html
I don't think so. Not with Makov at the helm,
Former Teva CEO Makov: M&A critical to growth
Israel Makov and Shai Agassi spoke at the IVA conference, where Agassi continued to advocate green energy.
Shmulik Shelah 11 Jun 07 18:32
The focus at this year’s Israel Venture Association annual conference, which opened in Tel Aviv yesterday, is how to build a large company. This year’s conference is more modest than usual, and the prime minister will not make the traditional appearance at the closing plenum. The conference was opened by two Israeli stars: former Teva CEO Israel Makov and former SAP Labs Israel general manager Shai Agassi. They were not alone.
Makov cited examples from Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) on how to become what he called “a market leader”. He said, “Globalization has resulted in many mergers and acquisitions. Under these circumstances, it is very hard for a company to differentiate itself from competitors, and it’s very hard to grow solely through organic activity. Many companies differentiate themselves through their ability to carry out acquisitions.
“Imagine that someone during the mid-1990s had offered Teva 16% annual growth from organic growth. That would have led to $2 billion in sales by 2008, compared with $8 billion we expect through our deals. The ability to develop M&A capability is critical for big companies, and I don’t mean that you should sell your companies, but for you to buy others in order to grow.”
Agassi again spoke about green energy and how he sees the Israeli economy participating in his vision. “My idea is for Israel to become the first country that works without oil, and to export the solution. We must be the first economy to do this, and to do it by 2015, in order to present a green energy solution to the world by 2020,” he said. He added that green energy ought to involve every Israeli and not only “a few people in Herzliya Pituah.”
Published by Globes [online], Israel business news - www.globes.co.il - on June 11, 2007
The article is brought forward as 'proof' that Makov intends
to turn GIVN a large company, not just sell it out.
Dubi
While an interesting item I suspect that too many cooks will muddy the broth.
Given Imaging and Medigus to lead MAGNET consortium
The consortium will develop next-generation endoscopes.
Gali Weinreb 11 Jun 07 12:04
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) and Medigus Ltd. (TASE:MDGS) will lead a consortium that will develop endoscopic devices, based on Given Imaging’s PillCam and Medigus’s endoscopes. The Office of the Chief Scientist will provide the consortium NIS 15 million for the first year under its MAGNET Program (Generic Pre-Competitive Technologies and Research and Development). Given Imaging will be responsible for NIS 4.1 million and Medigus for NIS 3.2 million.
Other members of the consortium are Rafael Armament Development Authority Ltd., SCD Semiconductor Devices Ltd., Applied Spectral Imaging Ltd., and Nanomotion Ltd., as well as the Weizmann Institute of Science, Technion Israel Institute of Technology, Bar Ilan University, Hebrew University of Jerusalem, Tel Aviv University, and Sheba Medical Center Tel Hashomer.
MAGNET program consortiums are created so that participating companies will combine their development capabilities on a particular subject with research institutes. One the basis of a consortium’s progress in its first year, the MAGNET committee will decide whether to continue supporting it for up to four more years.
Published by Globes [online], Israel business news - www.globes.co.il - on June 11, 2007
Thanks for your post. Seems as time passes the GIVEN ship keweps getting faster and faster. Sopon we should have a full head of steam in our boiler room.
Given Imaging cleared for new small-bowel Pillcam product
By Robert Daniel
Last Update: 5:12 AM ET May 17, 2007
TEL AVIV (MarketWatch) -- Given Imaging Ltd., (GIVN) the Yoqneam, Israel, developer of capsule-endoscopy technology, said the U.S. Food and Drug Administration cleared it to market the PillCam SB 2 video capsule and related software. The SB 2 is Given's newest version of a product with which a doctor can view a patient's small bowel. It is the same size as the current model, Given said, but captures nearly twice the mucosal area per image.
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7b49E48D00-6320-47DC-B605-00DFE10B6A86%7d&...
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