Portable ventilator developer Flight Medical Innovations Ltd. (TASE: FLGM) is planning a secondary public offering. It filed a shelf prospectus for a planning offering of convertible debt, shares, and options.
The global portable and non-portable ventilator market is estimated at $1.2 billion, and growing by 4.1% a year.
Medtechnica Ltd. (TASE: MEDI), Israel's largest distributor of medical equipment owns 67.4% of Flight Medical. Flight Medical's parties at interest said that they would place orders for 10% of the planned offering.
Flight Medical has not yet disclosed the date or structure of the planned offering. The underwriters are Clal Finance Underwriting Ltd., Poalim IBI Underwriting & Issuing Ltd., Meitav Issuing And Finance Ltd., and Union Capital Markets And Investments Ltd.
In January, Flight Medical obtained EU CE Mark certification for its Flight 60 ventilator. The company plans to file for US Food and Drug Administration (FDA) approval by mid-year.
After rising in morning trading, Flight Medical's share price ended the day down 0.4% to NIS 0.425, giving a market cap of NIS 123 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 27, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010