Itamar Medical Ltd. is holding an IPO on the Tel Aviv Stock Exchange (TASE) at a company value of $50-60 million.
Itamar Medical has already raised $45 million from Medtronic Inc. (NYSE:MDT), which owns 30% of the company, and from Compugen chairman and CFO Martin Gerstel, Dr. Giora Yaron (a founder of P-Cube and Pentacom), Lehman Brothers Venture Capital, Bay City Capital LLC, and Caremi Partners Ltd. The company’s product is based on an invention by Prof. Danny Gur, who angrily left the company five years ago.
Itamar Medical plans to use proceeds from the IPO for sales and marketing in the US. The company used to distribute its products through Respironics Inc. (Nasdaq:RESP), but Itamar Medical president and CEO Israel Schreiber told “Globes” in 2005 that the company was dissatisfied with Respironics and cancelled its contract.
Itamar Medical has two products: one for diagnosing cardiovascular problems, and the other for diagnosing sleep disorders.
Published by Globes [online], Israel business news - www.globes.co.il - on February 4, 2007
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