Lumenis Ltd. has raised $15 million from current investors, LM Partners LP of the Dovrat Group, and Ofer Hi Tech Ltd., and a new investor, Agate Medical Investments LP. Agate, managed by former Minister of Health Dan Naveh, provided a third of the investment.
Yokne’am-based Lumenis develops laser, light-based, and radio-frequency devices for surgical, aesthetic and ophthalmic applications.
Lumenis secured the funding after obtaining shareholders’ approval, and after Bank Hapoalim (TASE:POLI) agreed to spread its loan repayment through 2017.
Lumenis raised the capital at a company value of $200 million, the same value at which LM and Ofer Hi Tech acquired control of the company in 2006.
Lumenis CEO Dov Ofer said, “This will enable freeing of Lumenis’ cash resources for expanding its business, and improving the company’s overall balance sheet. It was important to recruit a new investor as well, in part to validate the company value.”
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2009
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