Micromedic Technologies Ltd. (TASE:MCTC) is reporting record demand in its public offering of shares and options. The amount raised will support expansion of the company's sales activity that began in recent months, after the company announced it was commencing sales in the US and Turkey.
Micromedic is an Israeli company that develops and commercializes products for diagnosis, early detection, and monitoring of various types of cancer. The company planned to raise NIS 3 million, but when demand for its offering totaled NIS 5.6 million, the offering was increased by 15% to NIS 3.45 million.
Micromedic's CellDetect technology makes it possible to diagnose cancerous and pre-cancerous cells by coloring them with a unique paint, to diagnose bladder cancer from swabs taken from urine samples, and to diagnose cervical cancer. The method involves no side effects or risks. The test, whose results are available within a few hours, uses materials and equipment already found in pathology laboratories. Micromedic operates through strategic cooperation and licensing agreements with leading medical and scientific research institutions throughout the world, as well as through its own development.
Assuming that all the options in the offering are exercised, Micromedic can expect to raise an additional NIS 2 million. The company's existing shareholders, including chairman Israel Makov, its officeholders, and other directors, took part in the offering. Yochi Korman from the Yoav Ko Consulting firm was an advisor in the offering.
The company offered 3,846 units of shares and options in the offering. Each unit contained 1,000 shares at NIS 0.78 per share and 500 Series 20 tradable options at no added cost. The options include an exercise addition of NIS 0.94 per share, and the exercise deadline is August 6, 2017. Public orders for the offering totaled 172 for the purchase of a total of 6,984 units - a total of NIS 5.6 million, meaning that the offering was oversubscribed by almost 100%. The amount raised is 15% more than originally planned 162 orders for the offered units at higher than the minimum price set totaling 3,793 units were completely filled, while the 10 orders for 3,191 units at the minimum price were filled up to only 20%.
The company's share price rose 5.33% on the TASE today.
Published by Globes [online], Israel Business News - www.globes-online.com - on February 8, 2017
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