Stent co ITGI raises NIS 8.8m

The funding is a vote of confidence in the new leadership's direction.

Investors in ITGI Medical Ltd. (TASE:ITGI) gave it a vote of confidence, after the company headed in a new direction, under a new executive team. The company completed a NIS 8.8 million rights issue on Monday, on the basis of a shelf prospectus.

ITGI manufactures stents coated with live tissue. Chairman Zvi Boms is its largest shareholder, with a 20.5% stake, and there are no other large shareholders. In other words, public investors participated in the rights offer, and bought 22.17 million of the 22.19 million shares offered.

Two months ago, ITGI's top three executives all unexpectedly left the company - chairman Yaacov Goldman, CEO Efri Argaman, and CFO Amir Loberman - because of disputes with Boms. The three executives wanted to concentrate on sales of the company's present products, whereas Boms wanted to emphasize development. Boms appointed as CEO Israel Schreiber, a former CEO of Itamar Medical Ltd. (TASE:ITMR).

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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