Medical device company Beyeonics Surgical has asked the Haifa District Court to initiate insolvency proceedings and appoint a temporary trustee, after accumulating approximately NIS 17.5 million ($5.47 million) in debt. Most of the debt is owed to shareholders who provided loans to finance its operations. In its filing, the company stated that it is insolvent.
The Tirat Carmel-based company, represented by attorneys Shmuel Galinka and Omer Bar Ilan of Shibolet & Co., said its remaining cash balance is approximately NIS 164,700 ($51,500), alongside laboratory equipment and patents. It said it had been unable to find an investor or acquirer and had therefore decided to cease operations.
Beyeonics was established as a spin-off of technology…