The accord enables West to further expand its global early-stage innovation program to include Israeli medical inventions that fill unmet clinical needs
MEDX NOW accepting proposals from medtech entrepreneurs worldwide
OR YEHUDA, Israel – West Pharmaceutical Inc. (NYSE: WST), a global leader in innovative solutions for injectable drug administration and MEDX Xelerator, an Israeli-based medical device incubator, announced today that they have signed a collaboration agreement focused on identifying and developing early-stage medical technology innovation.
Under the terms of the accord, West will provide funding for joint venture creations at the incubator and will have the option to further invest in these same projects, alongside the incubator, if the projects mature into portfolio companies. West’s areas of focus include drug delivery, biosensors, AI and home monitoring.
Vice President of Research at West Pharma Scott Young said, “We are always looking for new and innovative ideas to enhance our portfolio of products. Israel is well known as one of the world’s centers of medical innovation and MEDX’s incubator is a natural and prudent choice to serve as our innovation hub and international gateway to Israel’s impressive pool of medtech inventors.”
MEDX Xelerator CEO Shai Policker said, “This partnership enables us to support inventors and start-ups in West’s areas of focus. We invite talented medical technology entrepreneurs worldwide, who are ready to take the next step, to reach out to us to explore the possibilities of a venture with MEDX. We are now open to receiving proposals from individuals, hospitals and existing entities.”
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of lifesaving and life-enhancing medicines for patients. With almost 10,000 team members across 50 sites worldwide, West helps support our customers by delivering over 40 billion components and devices each year. Headquartered in Exton, Pennsylvania, and in business for nearly a century, West in its fiscal year 2020 generated over $2.15 billion in sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included on the Standard & Poor’s 500 index. For more information, visit https://www.westpharma.com/.
Quintin Lai, Vice President, Investor Relations
Vice President, Global Communications
About MEDX Xelerator
MEDX Xelerator is a leading medical device and digital health-focused incubator founded in 2016. Current partners and collaborators include: Boston Scientific, MEDX Venture Group, Sheba Medical Center, Consensus Business Group (CBG) and West Pharmaceuticals. The incubator has completed eleven investments to date. Graduates include CAPS Medical, developer of a precise solid tumor targeting technology which completed a series A round in July 2020, Endoways, developer of the first disposable robotic system for the cathlab, which was acquired by Ascendum Capital in February 2021 and Append Medical, which recently raised a series A round led by a strategic global company. For more information, please visit https://www.medxelerator.com/.