Japan's Olympus Corporation Backs Israeli Medical Company Medi-Tate

Tokyo-listed medical device and life science company Olympus Corporation has agreed to invest $20 million in Israeli medical device company Medi-Tate Ltd. Israeli investment firm Xenia Venture Capital Ltd., which holds an 18.14% stake in Medi-Tate, announced the deal in a filing to the Tel Aviv Stock Exchange Sunday.

Medi-Tate develops medical devices to relieve symptoms of benign prostate hyperplasia (BPH), or prostate enlargement. As part of the deal, Olympus will gain exclusive rights to market Medi-Tate’s product in several undisclosed countries. Olympus will retain the right to buy all remaining Medi-Tate stock, pending Medi-Tate’s ability to meet certain milestones, Xenia said.