Israeli investment house Yelin Lapidot has made a heavy loss on its investment in depression treatment medical device company Brainsway Ltd. (TASE:BRIN). Brainsway has developed a helmet, which treats depression through Deep TMS (Deep Transcranial Magnetic Stimulation).
Yelin Lapidot invested NIS 41 million in a private placement in March 2014, through its mutual funds, for a more than 5% stake, which made it a party-at-interest in the medical device company. Yelin Lapidot reported yesterday that it has now sold 20% of its position for NIS 17.9 per share for NIS 3.5 million, 67% of the amount it paid two and a half years ago.
After the sale, Yelin Lapidot holds a 4.4% stake in Brainsway and is no longer a party-at-interest. The investment house has lost almost NIS 30 million "on paper" of its investment in Brainsway. After the announcement yesterday, Brainsway's share price fell 5.8%, giving the company a market cap of NIS 239 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2016
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