MGVS will use the proceeds to finance the Phase I/IIa clinical trial of its Multi Gene Graft biosynthetic vascular graft.
Gali Weinreb, Globes[online] 27 Oct 2009
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) will lead an $8.5 million round for
Multi Gene Vascular Systems Ltd. (MGVS) alongside the company's current investors, Tamir Fishman Venture Capital (TASE: TFVC), Ofer Hi Tech Ltd., Aviv Venture Capital, and private investors including Eitan Wertheimer. The company value for the round is $20 million before money.
Teva will invest $4 million, and the other investors will put up $4.5 million, including $2.5 million of previous convertible loans. MGVS has raised $14 million to date.
