NEW YORK, July 31 /PRNewswire/ -- InterCure, Ltd. (Tel Aviv Stock Exchange: INCR), manufacturer of the RESPeRATE(R) hypertension treatment device, clinically-proven in 10 peer-reviewed studies to significantly lower blood pressure, announced it has completed its initial public offering on the Tel Aviv Stock Exchange. InterCure raised proceeds of USD$16 million through the sale of 3,000,000 common shares and convertible bonds. The investors also received options that will provide the company with an additional $4 million once exercised. I.B.I., Israel's largest investment bank, served as the underwriter for the offer.
Erez Gavish, president and CEO of InterCure, said, "Today, InterCure reached a significant milestone in our growth. Our IPO comes during a period of significant growth, with sales nearly doubling from $1.3 million in the first quarter of 2006 to $2.4 million in the first quarter of 2007. The capital raised through the IPO will support InterCure's continued growth and penetration into the retail pharmacy channel in the U.S. and internationally. It will also allow us to accelerate our research and development programs for several additional personal therapeutic devices in our product pipeline."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction, where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About InterCure, Ltd.
InterCure, a medical device company, publicly traded on the Tel Aviv Stock Exchange (TASE: INCR) has become a leader in the growing Personal Therapeutic Device category. Its broadly patented "device-guided breathing" technology platform enables a systematic reduction in sympathetic outflow of the autonomic nervous system. InterCure is successfully selling the world's first hypertension treatment device, RESPeRATE(R), with more than 75,000 units sold. With multiple published clinical studies, regulatory clearance in 10 key international markets (including FDA over-the-counter ("OTC") clearance in the U.S., the European CE mark and the Chinese SDA among others), and a renowned scientific advisory board, RESPeRATE is rapidly becoming a part of the standard of care for the treatment of hypertension. (www.intercure.com)
This news release may contain forward-looking statements that are based on the Company's current beliefs and assumptions and on information currently available to its management. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. As a result of these risks, uncertainties and other factors, readers are cautioned not to place undue reliance on any forward-looking statements included in this press release. These forward- looking statements represent beliefs and assumptions only as of the date of this news release, and the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future.
For Investors: For InterCure: For Media:
Arik Kleinstein Brian Packard Jane Hauser
InterCure, Inc. InterCure, Inc. Schwartz Communications
646-652-5800 x.7119 646-652-5800 x.7134 781-684-0770
CONTACT: Investors- Arik Kleinstein of InterCure, Inc., +1-646-652-5800,x7119, firstname.lastname@example.org, or Brian Packard, +1-646-652-5800, x7134,or Media- Jane Hauser of Schwartz Communications, +1-781-684-0770,email@example.com for InterCure, Inc.