InsuLine Medical Ltd. (TASE: INSL), a developer of insulin delivery products, has raised NIS 5 million in a private placement. The placement directly follows the company's IPO in July, despite the challenging market conditions. The proceeds of the IPO were NIS 4 million less than the target set in the prospectus.
InsuLine now has enough cash to carry out it work plan until the company reaches profitability. In the placement, InsuLine offered restricted shares at NIS 1 per share, a 20% premium on the average share price in the preceding 30 trading days. Each unit also included one option for every two restricted shares, exercisable at a strike price of NIS 1.93, more than 90% above the share's current price.
InsuLine CEO Ilan Cohen said, "We're pleased by the vote of confidence by the capital market and company investors, who are enthusiastic about the company's technology, management, and great potential."
InsuLine's share price rose 8.4% to NIS 1.10, giving a market cap of NIS 54 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2010
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