Maayan Ventures Ltd. (TASE:MAYN) announced yesterday that it raised NIS 15.8 million from both existing investors such as interested parties and company officers, and new investors. The participants in the latest financing round were: Maayan chairman Amir Gal-Or, managing director Tsvika Ben-Porat, directors Shraga Shahak and Avishai Silvershatz, CFO Lior Peleg, and controlling shareholders FBR Infinity II Ventures Partners, E&M Computing, and others.
The latest investment completes a private placing in which Maayan raised a total of NIS 25 million. It reported NIS 9.2 million of the investment, in April.
Maayan’s current stock price NIS 1.54 per share, 90% of its market price on the date of the signing of the agreement. The shares allocated in the private placing represent an 18.73% fully diluted share in Maayan. In addition, it granted investors warrants on Maayan stock exercisable for two years at price of NIS 1.714, the closing stock price on the date of the signing of the deal. Each investor will receive warrants in the amount of 30% of the stock he/she acquired in the latest offering. Subject to their exercising in full, the options will amount to a 3.98% fully diluted equity share in the company.
Maayan followed the placing with the announcement of a further investment in start-up ReDent, which develops devices and technologies for the dental market. ReDent is currently raising NIS 14.74 million in financing from Maayan’s partners, as well as Israel Infinity Venture Capital, and other investors. The proceeds will be used to complete clinical trials as well as the necessary regulatory procedures for approval by the US Food and Drug Administration (FDA) and Europe’s CE. Ben-Porat said that this was an unusually large investment for a company which is still in the incubator stage, and is line with Maayan’s policy of long-term investment in its portfolio companies.
Maayan Ventures was one of the first incubators to be privatized under the auspices of the Chief Scientist’s incubator program, and it is the first incubator to be floated directly on the Tel Aviv Stock Exchange (TASE). (Previously, Meytav Technological Enterprises Innovation Center Ltd. (Meytav) found itself on the TASE, after it was acquired by the publicly traded Biomedix Incubator Ltd. (TASE:BMDX.M). Maayan’s partners include Infinity, Leon Recanati, Gandyr Investments Ltd., E&M Computing and the public.
ReDent was co-founded in 2004 by Dr. Ehud Teperovitch, an expert in restorative dentistry, implants and endodontics, and Rephael Hof, an engineer specializing in analytical design and opto-mechanics. The company CEO is Ofer Shalev. ReDent has developed a self adjustable file for removing pulp from a tooth’s canal during the course of root canal treatment.
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2006
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