Agate Medical Investments, a new venture capital fund managed by former Minister of Health Dan Naveh, has made its first investment. The fund is leading a $8 million financing round in Tulip Medical Ltd.,which is developing a pill against obesity.
Agate raised $60 million from Israeli institutional investors, mostly Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), as well as US and UK investors.
Agate will invest $3 million in Tulip Medical, alongside a group of Canadian private investors with experience in medical device start-ups. Syneron chairman Dr. Shimon Eckhouse is backing the company as both an investor and entrepreneur.
Published by Globes [online], Israel business news - www.globes-online.com - on February 20, 2008
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