Medical device start-up Sindolor Ltd. has raised $1 million at a company value of $2.4 million. D Medical Industries Ltd. (TASE:DMDC) led the round, with an investment of $756,000 and now owns 57.5% of the company. Most of Sindolor's shareholders participated in the round.
Sindolor is developing what it calls a painless drug delivery system for regular subcutaneous injection using proprietary safety needles based on its proprietary EZject technology. The product has already been approved for marketing in the US.
Sindolor was founded on the ruins of a company that went into receivership. D Medical acquired 50.1% of the company for $1.5 million, a $1.86 million owners' loan, and $840,000 to cover debts. D Medical recently announced that Sindolor was about to sign a contract with a large pharmaceutical company for joint distribution of Sindolor's product. If a deal is closed, it could be worth tens of millions of dollars over several years.
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