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Citrine Global Corp. (OTCQB: TECR) Announces Strategic investment in Nanomedic, a Medical Nanotechnology Company with Breakthrough Technology for Wound Treatment

By June 16, 2020July 4th, 2020No Comments

Citrine Global Corp., offering multi-strategy expansion solutions for growth-stage technology companies, participates in an exclusive funding round in Nanomedic, an Israeli medical company with unique technology of nanofiber ‘skin’ that revolutionizes wound care treatment (https://youtu.be/rqKqTIgXZT8)

Citrine Global is currently trading as TechCare Corp. (TECR). Its name change to “Citrine Global Corp.” is expected to take effect soon.

Tel Aviv, Israel, June 16, 2020 (GLOBE NEWSWIRE) — The board of directors of Citrine Global Corp. (OTCQB: TECR), approved, on June 10, 2020, an investment in Nanomedic Technologies Ltd., an Israeli company, through participation in an exclusive funding round open only to existing Nanomedic shareholders and their affiliates. Citrine Global decided to participate with $450,000. The funding round of $2.2 million is already fully subscribed and the investment agreement is expected to be closed in a few days.

Nanomedic developed Spincare®, the first and only system that integrates the revolutionary electrospinning technology into a portable, bedside device, offering immediate wound and burn care treatment. This exceptional product, developed during the past five years, is patent protected.

SpinCare treats burns, wounds, and surgical injuries by mimicking human tissue. The lightweight device emits a proprietary nanofiber “second skin” that completely covers the area that needs to heal. The method avoids any need to come into direct contact with the wound, thus eliminating the painful routine of bandage dressings and risk of infection. The transient skin then fully develops into a secure physical barrier with tough adherence. Once new skin is regenerated, the layer naturally peels off. Using the product does not require any special training. At present, the product is designed for use in hospitals and clinics but in the future, the company will market the product for emergency use such as ambulances, for military use and ultimately for home care.

The product has approval for distribution in Europe after gaining the CE mark. It has also been awarded approval by the Ministry of Health (AMAR – Medical Accessories and Devices) in Israel and has recently started the FDA process.

Ms. Ora Soffer, Citrine Global’s Chairperson and CEO, states “Israel is a source of a lot of innovation and Nanomedic’s technology is a breakthrough technology in its field. We are confident that the company will be successful in implementing its global growth strategy and business plan, further enhanced with the provision of our expertise and services”.

Ms. Chen Katz, Nanomedic’s Chairperson, states: “We are excited that Citrine Global has joined the exclusive funding round. For us, this is another sign of confidence in our innovative, patent protected, technology, for which we have received excellent feedback from numerous physicians, patients, hospitals, and companies with whom we’ve been in touch – both in Europe and in Israel. We look forward to our next steps with Citrine Global. I am sure that with the current investment round we can reach our targets for global expansion and growth”.

About Citrine Global Corp.

Citrine Global Corp.’s business activity is comprised of creating value and implementing expansion strategies for growth-stage technology companies, offering multi-strategy solutions combining strategic marketing, business development, real estate and asset management services and financing solutions. Such wide spectrum of services is targeted at helping create an integrated strategy that supports our client companies in achieving their local and global expansion ambitions.

Key Target Markets: We believe the health and wellness fields are demonstrating high growth potential and we are therefore primarily focused on these sectors. We plan on empowering innovative companies to become global leaders and improve the health and quality of life of as many people as possible worldwide.

Geographies: The Company provides solutions to companies from Israel, USA, Canada, Europe and around the world through subsidiaries and local teams and professionals in each region.

The company operates in the Israeli market, via its fully-owned subsidiary, which targets Israeli startups and technology companies in the fields of Healthcare, Wellness, Food Tech and Israeli Medical Cannabis companies. http://www.citrine-global.com

About Nanomedic

Nanomedic is an innovative nanotechnology company focused on the development and manufacturing of portable electrospinning technology.

Nanomedic has long identified the significant potential of combining electrospinning nanotechnology and biomaterials for a wide range of medical applications and is leading the innovative approach of bedside (on-the-spot) manufacturing using its first and only worldwide commercialized portable electrospinning device. Nanomedic is the only company that was able to minimize the electrospinning technology from large machines into a hand held, battery operated, commercialized device. Nanomedic has state-of-the-art facilities (ISO 13485 certified) along with a strong team and proven expertise and knowhow in developing medical equipment. https://spincare.com/; Nanomedic video: https://youtu.be/rqKqTIgXZT8

 

Source: THE WALL STREET JOURNAL