Maayan Ventures Ltd. (TASE:MAYN) has announced that its portfolio company Hairstetics (in which it has a 25.1% stake) has signed an agreement to receive a NIS 6 million investment from the Crossroad Fund. The investment will be made in a number of phases and will be dependent of milestone payments. The company is developing, manufacturing and marketing innovative hair restoration devices.
Hairstetics was founded by CEO Boaz Shenhav, CTO Dvir Keren, medical director Dr. Moshe Lapidot, and Prof. Ran Koronowski.
In the first stage Crossroad Fund will invest NIS 2.1 million at a company value of NIS 15 million.
Maayan Ventures chairman Guy Rosen said, "This financing round closed by Hairstetics represents incontrovertible proof of the confidence of international investors in the potential of the company's strategy and management. Crossroad Fund's investment can be added to Pontifax Fund's investment several months ago and ensures the continued financing of the company and speeds up its reaching the market."
Maayan Ventures manager Dr. Judith Zilberstein said, "The hair implant market is undergoing a transformation from complex surgical procedures to procedures resembling Botox injections, and this transition has some main aspects that support Hairstetics's technology."
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2012
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