Painless injection start-up Sindolor raises $1m
D Medical led the round and owns over half of the company.
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.
Published by Globes [online], Israel business news - www.globes-online.com - on March 13, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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