The company is developing a cream based on avocado seed oil polymers for reducing ultraviolet damage to the skin.
PolyOL Biotech Ltd. has raised NIS 1.6 million from Albaad Massuot Yitzhak Ltd. (TASE: ALBA) in exchange for a 21% stake. Albaad, a manufacturer of wet wipes and hygiene products, also received an option to invest an additional NIS 4 million in the company, which will boost its stake to 51%.
PolyOL was founded earlier this year. It is developing a novel cream based on avocado seed oil polymers for reducing ultraviolet A and B (UVA and UVB) radiation damage to the skin. The Office of the Chief Scientist has given the company a two-year NIS 1.5 million grant.
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2008
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