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MultiGene Vascular Systems (MGVS) secures $8.5 million in venture funding round

Posted on: Fri, 30 Oct 2009 14:42:00 EDT

Symbols: TEVA

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Oct 30, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
TEVA | Quote | Chart | News | PowerRating -- MultiGene Vascular Systems (MGVS), Ltd., an Israel-based developer of therapeutic products for heart and blood vessel disorders, has secured $8.5 million in a financing round led by Teva Pharmaceutical Industries, Ltd.

Existing investors Tamir Fishman Ventures, Ofer Hi-Tech, Ltd., Aviv Venture Capital and private investors are also participated in the funding.

Under the transaction, Teva Pharmaceutical will invest $4 million and the existing and new investors will join the current investors and invest $4.5 million by conversion of prior convertible notes given to the company.

Deal Value (US$ Million) 8.5
Deal Type                Venture Finance
Sub-Category             Growth Capital/Expansion
Deal Status              Completed: 2009-10-27

Deal Participants

Target (Company)     MultiGene Vascular Systems (MGVS), Ltd.
Acquirer 1 (Company) Undisclosed Investors
Acquirer 2 (Company) Teva Pharmaceutical Industries, Ltd.

Deal Rationale

MGVS would use the proceeds to finish its MultiGene Angio dosing study (Phase I\IIa) planned for 2010 and move forward the MultiGene Graft product into clinical study.

For full details on Teva Pharm Ind (TEVA) TEVA. Teva Pharm Ind (TEVA) has Short Term PowerRatings at TradingMarkets. Details on Teva Pharm Ind (TEVA) Short Term PowerRatings is available at This Link.

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