InsuLine Medical Ltd. (TASE: INSL), which develops and markets, medical devices for improving the effectiveness of insulin treatment, reports that its offering was oversubscribed three times over. The company raised NIS 4.6 million, 15% more than the planned NIS 4 million. The share price in the tender was closed at NIS 1.25 per share, 14% higher than the minimum price. The public was offered 18,000 packets of 200 shares, 100 Series 5 options, and 100 Series 6 options at a minimum price of NIS 220 per packet. The tender was closed at NIS 250 per packet. Yaron Iluz from Yair Capital led the offering.
Insuline CEO Eyal Lewin said, "We are glad that the flotation succeeded, and thank the investors in the company for their vote of confidence. In view of the surplus demand and the closing of the tender above the minimum price, the amount raised was higher. The company's business potential is based on the clinical effectiveness of the InsuPad product, which improved the result of using insulin for meals in clinical trials, in a Barmer trial, and recently also in interim results of the AWB follow-up program for daily use of InsuPad among diabetics injecting insulin for meals."
Lewin added, "We're continuing to follow the strategy for Germany and other territories, and we recently reported the signing of nonbinding letters of understanding with distributors in Italy, Hong Kong, Macau, and Turkey - a step towards the implementation of our global commercial strategy, while continuing our focus on Germany, as reported on the agreement with IKK, and the continued dialogue and activity with the registering concern."
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2015
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