Diabetic product development company InsuLine Medical Ltd. is yet another biomed company considering an IPO on the Tel Aviv Stock Exchange (TASE). Sources inform "Globes" that the company hopes to raise several million dollars according to a company value that is yet to be determined.

InsuLine is different from many of the other biomed companies planning an offering because it is a medical device company and not engaged in drug development. The Petah Tikva-based company's products are also in an advanced stage of development and have already undergone human clinical trials on dozens of patients including trials involving major international companies.

InsuLine already has marketing approval for its products in Europe and hopes to complete trials with the US Food and Drug Administration (FDA), which have been approved and are in progress, within a year.

InsuLine was set up by former employees of Glucon Medical Ltd., which developed a device to measure blood glucose levels in a non-invasive way. Glucon successfully raised tens of millions of dollars before moving its operations to the US.

InsuLine's founding team includes engineers Ron Nagar, Dr. Gabi Biton and Dr. Beni Pesach who all resigned from Glucon when it moved to the US.

The company's InsuPatch devices speed up the absorption of insulin into the bloodstream by heating up the area of the body into which the insulin is injected.