Sources inform ''Globes'' that Hawk Medical Technologies Ltd., has signed a distribution agreement for its mechanical non-laser tattoo removal device with a German aesthetics and cosmetics products distributor with a pan-European network.
The contract model is based on long-term profit sharing, and Hawk expects to make several million dollars revenue in the first year. The deal also includes a cash down payment, the amount of which Hawk did not disclose, but probably totals a few million dollars.
Hawk will launch its tattoo removal product in Europe in March. It hopes to sign more distribution agreements with other companies.
Tattoo artist Golan Freddy Hawk invented the device, and the company was co-founded by CEO Noam Danenberg, a serial entrepreneur who previously was involved with Matis Medical Inc., which develops real-time, whole-blood platelet function testing kits, and sports shoe sensor developer Fitracks (now Aetrex Israel Ltd. after being acquired by Aetrex Worldwide Inc.)
Hawk's investors include former Mirabilis founders, including Yair Goldfinger. They sold the ICQ company to AOL for $407 million. Other investors are RDT Group, owned by chairman Israel Adir, and Promedico Ltd. founder Benjamin Jesselson.
Hawk has invested $5 million to date in developing its tattoo removal device. The device uses a combined mechanical and chemical mechanism to remove tattoos. A series of needles inject into the tattooed skin the chemical solution, which dissolves the tattoo ink. A cleaning solution is then injected into the area, which mixes the chemical solution, ink, and dead skin cells. This solution is then extracted by the needles. The kit includes disposable components and disinfectants.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2010
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