Glycominds Ltd. has successfully completed its IPO on the Tel Aviv Stock Exchange (TASE), raising a gross NIS 20.6 million in shares. The company develops molecular diagnostic blood tests for personalized treatments for multiple sclerosis and Crohn's Disease.
Glycominds will use proceeds from the IPO for expanding its sales and marketing network in the US, hiring salespersons, closing insurance indemnification contracts, and completing clinical trials of additional blood tests for other diseases.
Glycominds estimates the potential market for multiple sclerosis tests at $1 billion, and that the market is growing by 10% a year.
Glycominds has raised NIS 127 million to date, including the IPO. Shareholders include chairman Hanan Gilutz, directors Robert Taub, and Dr. Chen Even , and BRM Capital.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2011
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