Stem cell co MGVS gets $2m from owners

Multi Gene Vascular Systems Ltd. (MGVS), which is developing treatments for heart and arterial diseases based on stem cell technology, will receive a $2 million owners loan. The company obtained a similar owners' loan earlier this year.

MGVS was founded by CEO Guy Yachin, and president and CTO Dr. Moshe Flugelman. The company has raised $10 million to date, including from Tamir Fishman Venture Capital (TASE: TFVC), Ofer Holdings Group unit Ofer Hi Tech Ltd., and Eitan Wertheimer. It has also obtained funding from the Office of the Chief Scientist.

MGVS is developing two main products. The more advanced product is MultiGeneAngio, a cell therapy product for treating ischemia (insufficient blood flow) in patients with peripheral arterial disease and coronary artery disease. The second product, MultiGeneGraft is a biosynthetic blood vessel which is grafted in place where the main blood vessels have been clogged.

Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2009