Xenia Venture Capital Ltd. (TASE:XENA) portfolio company ActiVein Ltd. will undergo a reverse merger into UNLTD and will begin to trade on the OTC Bulletin Board. Xenia owns 21.97% of ActiVein.
Shareholders in ActiVein exchanged their shares in the company for shares in UNLTD. After the move, Xenia owns 21.97% of ActiVein on a fully diluted basis.
The company was founded by Sheldon Kales and Boaz Dor, who have already invested $250,000, and have pledged to invest or raise an additional $1 million.
ActiVein has developed a patented, dual-action intravenous (IV) catheter that aims to replace the standard conventional hospital IV line by enabling both fluid infusion and blood withdrawal using a single vein over an entire hospitalization period. Current IV catheters generally allow only fluid infusion. The device is expected to reduce needle insertions during a hospital stay.
Xenia CEO Anat Segal told "Globes", "Despite the lack of success by most Israeli companies involved in mergers into listings that have no business activities, a reverse merger seems suitable for ActiVein, because it has a product with fairly clear advantages and a short time to market."
Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2009
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