Biotech start-up Regentis raises $7.5m

Israeli start-up Regentis Biomaterials Ltd. has raised $7.5 million at a value of $5 million before money. The company did not disclose which investors participated in the financing round. ProSeed Venture Capital Fund (TASE:PRSD), which had held 3.25% of Regentis ahead of the round, did not participate, and currently holds 0.8% of the company. Proseed has the option of acquiring the stake of the Office of the Chief Scientist, at which point it will hold 2.5% of the shares of the company after full dilution.

Regentis has developed a new method from treating worn cartilage. The company's product is an implant which combines synthetic polymer with a biological component which is inserted inside the cartilage and aids the attachment and regeneration of tissue.

Regentis was founded in the framework of the Technion incubator in 2004, and has so far raised several millions of dollars.

Published by Globes [online], Israel business news - www.globes.co.il - on August 16, 2007