Breast cancer diagnostics company Real Imaging Ltd. has raised several million dollars from China Everbright Investment Management Ltd. This is the company's first financing round since the failure of its run as a public company on the Tel Aviv Stock Exchange (TASE), and the first major investment in an Israeli company by the Chinese private equity fund.
Real Imaging merged with stock market shell Bee Connect in 2011, but was unable to raise financing for its business. In 2012, just before it faced delisting for failing to meet trading terms, it was acquired by a group of investors headed by Israeli-Canadian businessman Amos Michelson, who now serves as chairman.
Real Imaging CTO and COO Boaz Arnon founded the company in 2004. In November 2011, Maiki Yoeli was appointed CEO.
"The product is now automated and can advise doctors on follow-on tests. In China, the product is especially important as an initial scanner, because of the lack of expert mammography and ultrasound technicians, and many women there have dense tissue breasts, and breast cancer appears at younger ages," says Real Imaging VP R&D Dr. David Izhaky.
China Israel Synergy CEO Amir Yaar mediated the deal and has invested in Real Imaging. He says that the Chinese government's five-year plan calls for 150 million breast cancer tests by 2015. He adds that China Everbright manages $7 billion, and makes few investments outside the country and directly in companies.
Real Imaging is preparing to obtain Europe's CE Mark for its diagnostic device.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2014
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