OHMK Medical Technology invests $7 million in EndyMed Ltd
Israeli-company EndyMed Ltd has reached an agreement with the Chinese OHMK Medical Technology, which will acquire 47.93 million EndyMed shares (28.94 percent share capital and voting rights), for $7 million.
OHMK markets EndyMed's products in China, EndyMed Glow and EndyMed Pro, after obtaining their approval from the China Food and Drug Administration.
EndyMed develops, manufactures and sells special medical equipment, which uses radio frequency technologies for skin tightening, wrinkle reduction, body contouring and other aesthetic procedures. Its products are also approved for sale in the US by the US Food and Drug Administration.
CEO Elad Magal considers the investment an important vote of confidence by its Chinese investor and distributor. The company announced it is accelerating development and penetration into important areas and target markets.