Beyeonics Surgical Seeks Insolvency Proceedings With NIS 17.5 Million in Debt

Beyeonics Surgical, an Israeli medical-device developer based in Tirat Carmel, applied to the Haifa District Court on November 15 for an order opening insolvency proceedings and the appointment of a temporary trustee. The company listed approximately NIS 17.5 million in debts, mostly obligations to shareholders. In its application, the company said it had failed to find a strategic investor or a buyer for its operations and intellectual property and had decided to cease operations. It reported about NIS 164,700 in remaining cash. The requested trustee would seek to realize its remaining intellectual property, equipment and laboratory assets. No court decision had been issued when the application was reported on Sunday evening. Founded in 2018 around technology developed at Elbit Systems, the business initially developed an ophthalmic visualization system. Its activities were split in 2021 between Beyeonics Vision, focused on ophthalmology, and Beyeonics Surgical. Surgical later concentrated on navigation for spinal surgery but did not reach marketing and sales for that technology. Its assets include seven patent families comprising roughly 15 patents. Elbit Systems announced $36 million in combined financing for the two sister companies on October 3, 2021. That total included a $26 million investment across both companies and a separate $10 million convertible loan to Vision. Elbit said it became a minority shareholder in each company.