Itamar Medical raises $35m on Nasdaq

Gilad Glick Photo: Eyal Izhar

Caesarea-based Itamar Medical is focused on the development and commercialization of non-invasive medical devices to aid in the diagnosis of respiratory sleep disorders.

Israeli medical device company Itamar Medical Ltd. (Nasdaq: ITMR; TASE:ITMR) has successfully upsized and completed a $35 million secondary public offering. The company sold 2,545,450 American Depositary Shares (ADSs) at a public offering price of $13.75 per ADS, for total gross proceeds of approximately $35 million, before deducting underwriting discounts and commissions and estimated offering expenses. Each ADS represents 30 ordinary shares of Itamar Medical.

All of the ADSs are being offered by Itamar Medical. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 381,817 ADSs on the same terms and conditions. The offering is expected to close on February 4, 2020, subject to customary closing conditions.

Caesarea-based Itamar Medical is focused on the development and commercialization of non-invasive medical devices to aid in the diagnosis of respiratory sleep disorders.

Itamar Medical intends to use the net proceeds from the offering to hire additional sales and marketing personnel and expand its marketing programs, fund product development, R&D activities and clinical research, invest in information technology and facility infrastructure, and for working capital and general corporate purposes.

Piper Sandler acted as sole bookrunner for the offering. Ladenburg Thalmann and A.G.P./Alliance Global Partners acted as co-managers.

Itamar Medical's CEO is Gilad Glick.

Published by Globes, Israel business news - en.globes.co.il - on February 2, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Gilad Glick Photo: Eyal Izhar
Gilad Glick Photo: Eyal Izhar
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