Trig Medical Ltd. today cancelled its planned IPO on the Tel Aviv Stock Exchange (TASE) "due to market conditions." In other words, the company failed to get enough orders for the shares it planned to sell on the market. The company developed an ultrasound monitor for non-invasive monitoring of infants during childbirth.
Trig Medical planned to hold its IPO today. It wanted to raise a gross NIS 25.1 million at a company value of NIS 68 million, before money. The underwriters were Meitav Issuing and Finance Ltd., Clal Finance Underwriting Ltd., DS Underwriting Ltd., and Excellence Nessuah Underwriting (1993) Ltd.
SCP Private Equity Partners currently owns 51.8% of Trig Medical, and Vitalife Life Sciences Venture owns 47.2%. They intended to place NIS 4 million worth of orders for units in the offering.
Trig Medical's product is based on patents of Ultaguide, which closed. The device monitors the progress of the child through the birth canal. Current devices only automatically monitor the child's heartbeat and the mother's contractions, and all other tests are conducted manually.
Trig Medical carried out a clinical trial of its device on 1,000 births, and the product is used for research. The US Food and Drug Administration (FDA) has approved the product and it planned to market it in the US after the IPO.
Trig Medical has raised $10.1 million to date. It posted a loss of NIS 6.6 million in January-September 2010 and had a negative cash flow of NIS 7.6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2011
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