Pontifax Invests NIS 10 Million in Medical Compressions Systems, Inc.
8/14/2012 8:33:33 AM
Pontifax has invested NIS 10 million in MCS Medical Compression Systems (DBN) Ltd. (TASE:MDCL), which is developing a device for the prevention of blood clots in limbs following orthopedic surgery. MCS will allot to Ponifax III Fund four million shares at NIS 2.50 per share and 1.2 million warrants, exercisable for 1.2 million shares, giving it an 8.7% stake in the company, and 11% stake if all the warrants are exercised. MCS posted $4 million revenue for the first quarter of 2012, 11% more than for the corresponding quarter of 2011. Its operating and net loss were both $1.3 million, and it expects to continue losing money as it builds its market.