Cogentix Opens Urology Research and Development Center in Israel
Minnetonka-based urology and gynecology device maker Cogentix Medical Inc. has opened a dedicated urology research and development center in Israel, the company announced on Tuesday.
Few details were given about the new facility outside of its focus on developing next generation products using the depth of experienced medical professionals in the area.
“The new R&D center will further enable [Cogentix] to access exceptional engineers and innovators in an ecosystem with a track record of successful innovation,” the company said in its release.
Twin Cities Business reached out for more details on the Israel facility but did not receive a response by press time.
Cogentix suggested its interest in expanding overseas was, in part, triggered by its $2 million investment last September in Vensica. Vensica of Misgav Industrial Park, Israel is developing a needle-free delivery system that uses ultrasound properties to send drugs to a patient’s bladder. The device, known as VensiCare, is scheduled for human testing later this year. Moreover, with the Cogentix’s $2 million investment, it also guaranteed to option to acquire the company outright for an additional $8 million.
In addition to its expansion announcement, Cogentix reported preliminary fourth quarter results, which included year-over-year revenue growth of 17 percent. For its full 2017 fiscal year, Cogentix is expecting to report $56.3 million in revenue, amounting to a 9 percent improvement over last year.
Sales of its urology products, such as its laptop-shaped endoscopy unit PrimeSight, which is used to view a patient’s urinary tract, were up 10 percent over 2016, Cogentix said.