Itamar Medical: Yelin Lapidot and Migdal Insurance to Invest NIS 23.6 Million in Private Equity Placement
CAESAREA, Israel--(BUSINESS WIRE)--Itamar Medical reported today, May 8, 2014, it has raised capital amounting to NIS 23.6 million by blocked private equity placement at a share price of NIS 1.80 from funds managed by Yelin Lapidot, which would become an interested party in the Company, holding 5.7% of Company shares - and from Migdal Insurance, already an interested party, which would increase its equity stake in the Company to 7.7%.
“I thank Yelin Lapidot, Migdal Insurance and other investors in our company for their vote of confidence; we intend to diligently strive to expand sales and marketing operations of Company products.”
The capital raised would be used by the Company to accelerate its sales and marketing efforts in markets where the Company is focusing its business, in line with the new strategy announced, namely: USA, Japan and Israel. Some of these resources would be used to accelerate the Company’s R&D operations to bring forward the launch of improvements and innovative indications for Company products.
The Company recently announced it had signed agreements with major international companies, including: an exclusive marketing agreement with Medtronic to physicians in the USA who specialize in Arrhythmias and atrial fibrillation; and an agreement with Phillips for distribution of the Company’s WatchPAT™ product in Japan.
Mr. Gilad Glick, CEO of Itamar Medical, said: “I thank Yelin Lapidot, Migdal Insurance and other investors in our company for their vote of confidence; we intend to diligently strive to expand sales and marketing operations of Company products.”
Mr. Shaul Sharoni, CFO of Itamar Medical commented: “We see great value in signing up leading investors in the Company, such as Yelin Lapidot which would become an interested party - along with an A-list of institutional investors, such as Migdal, HaPhoenix and others with whom we are in close contact.”
This private placement was led by Cybele Holdings, assisting Itamar Medical in the capital market, and by the law firm of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
Itamar Medical is a public medical technology company (TASE:ITMR) developing non-invasive medical devices using its proprietary PAT® signal (Peripheral Arterial Tone). Its two product lines based on the PAT® signal are: WatchPAT™, a medical-grade home device for diagnosis of sleep breathing disorders, and EndoPAT™, a non-invasive endothelial function assessment device used to improve risk-stratification and personalize treatment in symptomatic and cardiovascular disease patients across all disease states.
The PAT® signal is measured non-invasively at the finger tips, using a custom finger sensor and signal processing algorithms developed by the Company and validated in hundreds of scientific publications.
Contacts
for Itamar Medical
Daphna Triwaks, 972 (50) 520 2322
daphna@triwaks.co.il
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