Israel's mBeach Software Inc. (Bulletin Board: MBHS), the holding company for Skin Cancer Scanning Ltd. (SCS) will acquire 51% of California cosmeceutical and nutraceutical company Pomega Inc., founded by CEO Tzeira Sofer, an Israeli. Pomega's proprietary Omega 5 oil, sold under the Pomega5 brand, is a therapeutic skin care product based on pomegranate.
mBeach will acquire about 30% for $2.55 million, giving a company value of $8.3 million plus 20% of Pomega shares at the same company value, for a total holding of 51% in Pomega. The agreement is subject on funding.
mBeach, a stock market shell, carried out a reverse merger with SCS in 2009. SCS is a medical device company that has develops a non-invasive, painless test to improve and provide more accurate early diagnosis of skin cancer and precancerous lesions.
mBeach said that the de-facto merger with Pomega will allow the group to conduct clinical trials in the area of Omega 5 CLA from pomegranate seed oil, and develop products for the aesthetic medicine industry, which currently has no ultra-green only botanical-sourced skin care lines. Pomegranate seed oil contains up to 80% punicic acid and has been reported to possess medicinal properties including anti-carcinogenic activity against breast cancer and skin cancer. Other benefits of pomegranate seed oil have been reported to act in the areas of immune function, cancer prevention and therapy, cardiovascular health, skin health, and healthy lipid metabolism.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2011
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