MedInvest completes initial funding of start-ups

Investments were made in Impulse Dynamics, MetaCure, Motorika, and Core Dynamics.

MedInvest, the biomedical holding company of Dr. Shlomo Ben-Haim and Lewis Pell, has invested $100 million in its portfolio companies. The investments were allocated slightly differently than in the company's plan, announced several months ago, to invest in Ben-Haim's ventures.

MedInvest raised $124.5 million in a bond issue in November 2008, at the height of the global financial crisis. $89 million of this amount was raised from Israeli institutional investors and one British firm. Migdal Capital Markets Ltd. led the underwriting.

The investments are as follows:

$40 million in Impulse Dynamics NV, which is developing electrical therapies for the treatment of chronic heart failure. MedInvest originally planned to invest $50 million in the Caesarea company.

$20 million in MetaCure Inc., which is developing minimally invasive electrical stimulation solutions to treat type 2 diabetes and obesity. MedInvest originally planned to invest $15 million in the company.

$19.5 million in Motorika Medical Ltd., which is developing robotic technology for stroke therapies, more than double the planned $8 million investment in the company, which has its R&D center in Caesarea.

$17.9 million in Core Dynamics Ltd., which is developing cryopreservation techniques for cell, tissue and organ preservation, compared with the $11 million that MedInvest originally planned to invest in the company, which has its R&D center in Ness Ziona.

MedInvest did not announce an investment in Spectrum Dynamics Inc., which is developing applications for nuclear imaging for cardiology. MedInvest originally announced that it planned to invest $25 million in the company, which has its R&D center in Caesarea.

Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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