Domain Elite Invests $6.5M in GI Device Maker to Expand in China
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general anesthesia and can take 60 minutes or longer can be done using Smart Medical’s technology with local anesthetics in 15 to 20 minutes, according to Smart Medical CEO Gadi Terliuc.
“We see it as a much-easier procedure for physicians,” Terliuc said yesterday from Israel during an international conference call that included Halak in New York and Domain Elite CEO Micah Zimmerman in Beijing. “The physician training is easier, and the procedure itself is much less expensive.”
Cancer is the most common cause of death in China, and colorectal cancer has become the second most-frequent type of cancer, Zimmerman said. Early screening and detection can make a big difference in the survival rates of patients diagnosed with colorectal cancer.
Endoscopies and colonoscopies are fairly common in the United States (about 15 million colonoscopies are done in the U.S. annually), but Zimmerman said such procedures are still relatively new in China. He said the Chinese market for such procedures is growing by 30 percent to 40 percent a year, and predicts that growth will continue in China for years to come.
Smart Medical’s technology is currently marketed in Europe, and two of the company’s three products have been cleared for use in the United States. CEO Terliuc said the Domain Elite investment also would help the company advance its related technologies in the United States and other global markets.