The start-up met a sales milestone.
ProSeed Venture Capital Fund (TASE:PRSD) has invested an additional $660,000 in aesthetic dermatology start-up PerfAction Technologies Ltd. after it met the target of $1.4 million in cumulative sales.
PerfAction was founded in 2007. The company has developed a non-ablative skin renewal treatment, the Subdermal Minimal Surgery (SMSTM), which provides both immediate and long-term skin remodeling effects. The company has applied for international patents for the device.
ProSeed has invested $1.75 million in PerfAction to date, and now owns 19.33% of the company. ProSeed also extended a $200,000 credit line to the company, and will own 28.3% if the credit line is utilized in full.
Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2008
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