Israeli medical robotics and innovative surgery company Human Xtensions is assured of raising $45-50 million from several institutional investors at a company valuation of $160 million, before money, in its upcoming initial public offering on the Tel Aviv Stock Exchange (TASE), sources inform "Globes." The IPO is being led by the underwriters Poalim IBI.
Human Xtensions was founded in 2012 by chairman and CEO Dr. Tami Frenkel and CTO Moti Sholev who have developed a series of smart instruments and handheld surgical systems, which allow surgeons freedom, flexibility, proximity and control. Todate the company has raised $40 million from investors including Infinity Fund, China's DNV Capital, Poalim IBI, and Psagot.
The company's first product already has US Food and Drug Administration (FDA) approval and it is in the initial stage of sales. Human Xtensions products in Europe are being marketed by B. Braun.
Human Xtensions will be the first TASE IPO for a med-tech company for nearly a decade, not counting dual-listings and reverse mergers. The company will be eager to emulate Mazor Robotics, which held its TASE IPO in 2007, subsequently dual listed on Nasdaq, and was eventually sold to Medtronic for $1.64 billion.
Although Human Xtensions will be the first med-tech company to hold an IPO this year, there is currently a floods of tech companies doing so on the TASE. These include: fuel cell company GenCell, which is raising $60 million; digital cutting company Highcon, which has raised $50 million, piston engine developer Aquarius Engines, robot solar panel cleaning company Ecoppia, which has raised $75 million, and meat substitute company SavorEat, which has raised several tens of millions of dollars.
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2020
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