Cancer and diabetes biomarker developer Micromedic Technologies Ltd. (TASE:MCTC) has raised NIS 11.8 million in a secondary offering on the Tel Aviv Stock Exchange (TASE). The amount could rise to NIS 17.3 million if all the warrants are exercised.
Micromedic offered units, each comprising ten shares at NIS 4 per share plus ten options at no cost. The final price for each was set at NIS 41.
Micromedic originally planned to ask NIS 50 per unit, according to the prospectus filed a month ago, but even yesterday's price per unit was above the closing opening price.
Micromedic CEO David Solomon said, "In these difficult times for the capital market, we are pleased and proud that investors believed in us and in the company's capabilities. We'll do everything to bring the company to success."
Micromedic's subsidiaries are developing diagnostic molecules for colon cancer, breast cancer, and diabetes. The company's business model is based on collaboration with universities and research centers.
Micromedic's share price rose 6.1% by mid-afternoon today to NIS 3.71, giving a market cap of NIS 42 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010