LifeWave raises over NIS 5.5m

LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has completed a NIS 5.5 million secondary offering. The company received NIS 8.9 million in orders for units, each comprised of one share and one warrant.

LifeWave closed the offer at 10% over the minimum price, after the offering was oversubscribed 1.62-fold. The warrants, if exercised, will boost the amount raised by an additional NIS 7.2 million.

The company's BST (Best Sore Treatment) is an electrical stimulation medical device for the treatment chronic wounds. Proceeds from the offering are intended to finance US Food and Drug Administration (FDA) approval procedures for the device.

LifeWave's share rose 4.4% in morning trading to NIS 6.69, giving a market cap of NIS 88 million.

Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2009

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