Sources inform ''Globes'' that spectroscopy instruments maker Applied Spectral Imaging Ltd. (ASI) is preparing for an IPO on the Tel Aviv Stock Exchange (TASE), following the path embarked on by ProteoLogics Ltd., InspireMD Ltd., and Intec Pharma Ltd. It is not yet known when ASI wants to hold its IPO or how much it wants to raise, but the company already has substantial sales and maintains distribution networks in Europe and the US.
ASI manufactures computer aided spectroscopy instruments for pathology and cytogenetics (chromosome-based diagnostics) and other remote sensing medical, research, and industrial needs. The company was spun off of CI Systems Inc. (TASE: CISY), a manufacturer of electro-optical, testing, and semiconductor systems, in 1993.
ASI genetic diagnostic instruments target a potential market of $150-200 million. The company's pathology instruments target a market estimated at hundreds of millions of dollars.
ASI has raised $26 million since it was founded, including $11.3 million in its last financing round, its sixth, which coincided with a change in the company's business. In addition to CI Systems, investors in the round included Gemini Israel Funds, Challenge Fund - Etgar, Yozma Venture Capital, Denali Ventures, Transatlantic Atlantic Technology (TAT), , HBM BioVentures AG, Medical Science Partners, Private Equity Holding AG, and Auriga Partners. Other investors include Ofer Hi Tech Ltd., AG-Tech (Titanium Ventures Inc.), and Medmax Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2010
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