Merrill Lynch: Good Given Imaging about France, now what about Japan?
13.8.06 | 14:46 By TheMarker
By the year 2007, the French government may provide universal reimbursement for use of Given Imaging (TASE, Nasdaq: GIVN) technology in France. Merrill Lynch today repeated a Buy rating for the Israeli medical technology pioneer's shares after Given Imaging on Thursday that the French National Authority for Health (HAS) has completed the first step in advancing universal reimbursement for PillCam Small Bowel capsule-in-a-camera endoscopy for over 60 million French citizens.
In late July, the HAS published a report that highly recommended using PillCam SB, a non-invasive form of endoscopy, in patients with obscure gastro-intestinal bleeding and Crohn's disease following inconclusive first-line tests.
The HAS advises the French government on decisions related to the reimbursement of medical products and services. Its report, "Examination of the Lumen of the Digestive Tract by Ingested Video Capsule," was based on an extensive analysis of existing clinical data and opinions from leading French physicians.
The report concludes that capsule endoscopy, in which the patient essentially swallows a miniature video camera, provides additional medical benefit and, as a result, recommends including capsule endoscopy in the list of reimbursable procedures.
Merrill Lynch also noted that the IDB group, a major shareholder in Given Imaging and the biggest holding company in Israel, had delivered a strong vote of confidence in the company by buying up $20 million worth of its stock.
And could there be more good news to come? With France nearing acceptance, Merrill Lynch's eyes turn to Japan. "Recall the Given" ? sic - "has been working with the Japanese Ministry of Health for some time now to obtain marketing clearance for the Given system," writes the investment bank. Given Imaging is distributed in Japan by Suzuken, a leading pharmaceuticals distributor, and the two companies recently invested a hefty $10 million to facilitate market penetration. Given that they made the investment in the second quarter, Merrill Lynch rather suspects they believe happy news is on the way.
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