Urological and biliary stent maker Allium Medical Ltd. (TASE: ALMD) today announced the results of its secondary public offering, which it held yesterday. The company issued 100,000 units, each comprising 85 shares, 30 short-term warrants, and 60 long-term warrants, at NIS 68 per unit.
The offering was oversubscribed. Allium received 141 orders for 158,198 units, 1.6 times the offering. As a consequence, Allium set the tender price at NIS 75 per unit. Demand totaled NIS 12.5 million, and gross proceeds totaled NIS 7.5 million.
Analyst Underwriting and Issuing Ltd., Clal Finance Underwriting Ltd., and Union Underwriting Ltd. led the offering.
Allium Medical CEO Ronen Castro said, "We're building at Allium Medical an infrastructure to become a great company with a wide range of products. Investors who participated in this offering see its potential."
Biomedix Incubator Ltd. (TASE:BMDX) chairman Meni Mor said, "Allium is a very old company. NIS 70 million has been invested in it in the past ten years. The company has a platform of proprietary products with European regulatory approval, and other products under development. The technology risk stage is already behind us, and in the coming year we'll deal with improvements and boosting production capacity, which currently prevents the company from achieving substantial sales." Biomedix subsidiary Spearhead Investments Ltd. owns the controlling interest in Allium.
Allium's stents are used to treat and prevent blockages in various organs, especially to and from the bladder and kidney.
Allium's share price rose 3.4% in morning trading to NIS 0.72, giving a market cap of NIS 45 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2011
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