Incubator Maayan Ventures Ltd. (TASE:MAYN) has raised a gross NIS 31.2 million in the public stage of its offering in shares and warrants on the basis of its prospectus. Two weeks ago, the company raised NIS 12.5 million from current and new private investors in the institutional stage of the offering. If the investors exercise their warrants in full, Maayan could receive an additional NIS 20 million.
Run by CEO Dr. Tsvika Ben-Porat, Maayan said in the past that it plans to raise $10-15 million. It has met this target.
The capital raised will enable Maayan to continue investing in new portfolio companies of its three incubators. It will also be able to support companies that have graduated from them, either together with other investors, or until the companies ripen to the point of attracting other investors.
Maayan currently has holdings in 49 companies, either portfolio companies of its three incubators, or graduates from them. They include aesthetic devices developer Applisonix Ltd. (TASE:APLS), hearing systems developer Audiodent Israel Ltd., computer assisted surgery systems developer Surgix Ltd., animation and game technologies developer Revolver Ltd., high-speed optical communications developer MultiPhy Ltd., and self-adjustable file for root canal procedures developer ReDent Nova Ltd.
Maayan's share fell 2.1% by midday to NIS 0.68, giving a market cap of NIS 53million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010