Investment fund Accelmed has invested $6 million in California-based Ophthalmic Imaging Systems Inc. (Bulletin Board: OISI) (OIS). Accelmed chairman Dr. Uri Geiger and chairman of the investment committee Moshe (Mori) Arkin founded the Israeli investment firm.
Besides developing it own products, OIS owns a subsidiary that markets ophthalmic industry computer systems. As part of the deal with Accelmed, OIS will acquire the activities of Israeli ophthalmic products maker MediVision Medical Imaging Ltd. (EuroNM:MEDV), which is OIS’s controlling shareholder. The two companies have been working closely for a long time, and planned to merge a year ago, but did not go through with it. As a result of the present deal, MediVision will basically become a holding company, whose main asset will be about a third of OIS’s shares. OIS will forego a $4.7 million loan to MediVIsion and will also assume a $1 million loan to MediVision from Mizrahi Tefahot Bank (TASE:MZTF).
Accelmed’s investment in OIS is in two parts: $4 million was transferred in late June, and $2 million will be paid in April 2010, subject to OIS meeting certain conditions.
OIS’s board appointed Arkin and Geiger as directors, effective last month.
Geiger told “Globes”, “Accelmed intends to add to OIS a range of additional ophthalmic products.”
OIS was founded 20 years ago, and in addition to its ophthalmic business, it provides informatics solutions for managing patients’ medical reports.
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2009
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