5iTech, LLC

International Technology Capitalization & Commercialization

Press Release

 

Cleveland, OH — Leon Polott, Founder and President of 5iTech, a Cleveland-based technology commercialization firm, announced the launch of 5iTech’s newest startup: Oculatek, Inc.

Oculatek is a joint effort between 5iTech; EST, Inc., a medical electronics design company of Solon, Ohio and JSC MACDEL, a medical device company headquartered in Moscow, Russia.

 

This new startup will bring to western markets a line of new therapeutic products developed by MACDEL for ophthalmology. Nearly 500,000 patients have already been successfully treated with MACDEL devices in Russia and Eurasia. According to Leonid Orbachevskiy, the President of MACDEL, this treatment approach has proven effective in treating eye strain and myopia and holds promise for effectively addressing presbyopia. Oculatek will offer doctors and patients a unique, simple and non-surgical approach to treating these conditions.

 

“This 3-way joint venture provides Oculatek with an excellent start,” stated Polott. “Although Oculatek will also be looking for an additional venture financing partner, this startup has been born in the style of the ancient Greek goddess Athena -- in full body armor and ready to do battle.” Oculatek’s three founders provide it with everything necessary for success: MACDEL delivers a proven, novel technology; EST brings to Oculatek extensive US medical device design experience, production capability and FDA expertise; and 5iTech brought these parties together and will continue to provide leadership and support the growth of Oculatek. 

 

“We are pleased to partner with 5iTech and EST in this venture and we look forward to bringing our technology to America. Our devices have helped thousands of patients in Russia and we hope that Oculatek will be able to accomplish this in the United States,” stated Orbachevskiy, who came to Cleveland to conclude negotiations with EST and 5iTech and to launch the joint venture.  Mr. Orbachevskiy and several of his specialists will return to Cleveland in January 2006 and Oculatek will commence work with EST’s engineers and US ophthalmologists.

 

EST, Inc. is a medical device design firm affiliated with Valtronic, an internationally renowned medical device manufacturer specializing in miniaturization of advanced electronics and ophthalmology technologies.

 

“We are pleased to be a founding member of Oculatek,” stated Jim Ohneck, Vice President of EST. “We have a lot of experience in electronics, light-based therapeutic devices and ophthalmology and have extensive contacts in the world of ophthalmic medicine that we think will provide substantial advantages as we work with MACDEL and 5iTech to build Oculatek. MACDEL has a great deal of patient data and an outstanding clinical research partner in the Helmholtz Institute of Eye Diseases of Moscow.” Helmholtz is the oldest eye institute of Russia and has a stellar international reputation. EST’s familiarity with the reputation and prominence of this institution in the field of eye disease treatment expedited joint venture discussions among the parties.  “We think Oculatek is destined for great success,” concluded Ohneck.

5iTECH and EST of Cleveland and MACDEL of Moscow, Russia announce the launch of a new medical device startup:  OCULATEK, Inc.

Oculatek will bring to market ophthalmic therapeutic devices

based on a technology first developed and tested in Russia

Date: 12-20-2006

5iTech, LLC

 

5iTech is a leader in identifying and commercializing technologies developed by scientists from the top R&D labs of the former Soviet Union. 5iTech selects high-tech and industrial technologies for their advanced stage of product development and outstanding potential for commercial success in the US markets.  The company partners with former Soviet scientists to form US technology startups and aggressively supports its startups by providing professional management, access to capital and launching new products into the market.

 

5iTech also delivers comprehensive technology-based growth-consulting services to its western industrial partners. 5iTech’s staff of professionals brings to its clients an extraordinary mix of hands-on industry experience, senior-executive level perspective and a rare depth of knowledge in a number of disciplines including chemistry, physics, biotech, material science and engineering. 5iTech further buttresses its client’s strategic planning, acquisition and growth by providing cost-effective technology solutions from its extensive pipeline of R&D sources in the former Soviet Union.

JSC MACDEL

 

MACDEL is a joint stock company headquartered in Moscow, Russia. The company develops, manufactures and markets finished medical products, including laser-based devices, optics and electronics. It has pioneered the field of cold laser-based ocular therapy. MACDEL researchers and its clinical research partners from the Helmholtz Institute of Eye Diseases of Moscow are regular contributors at international eye conferences on the subjects of myopia and refraction.

Enhanced Systems Technologies, Inc. (EST)

 

EST is a medical electronics design company of Solon, Ohio. The company is highly experienced in the design of electronics for medical devices, light-based therapeutic devices, ophthalmic products and medical implants. EST staff has participated in numerous high-tech product-development programs primarily in the medical industry. EST is a recent recipient of a Third Frontier Grant and is working closely with CAMP, Inc. to design a light-based therapy product for wound care.  Through EST’s affiliation with Valtronic, EST has access to a full electronics production facility.