Medical device co Mazor raises double planned sum

Mazor develops the SpineAssist robotic imaging device to facilitate spinal surgical procedures.

Mazor Surgical Technologies Ltd. (TASE:MZOR) raised NIS 48 million in shares and warrants in the public tender of its offering. The tender was held at NIS 9.10 per share, above both the minimum price of NIS 8.50 per share, and the NIS 8.70 set in the institutional tender last week.

Mazor offered the public 5.17 million shares and 3.88 million warrants in units of 100 shares and 75 warrants. The offering of 51,720 units was closed on Thursday. The company received orders for 88,382 units for a total value of NIS 85.1 million.

Thanks to the oversubscription and higher price in the public tender, Mazor was able to raise the amount of planned offering from NIS 25 million to NIS 45 million after the institutional tender, and then to NIS 48 million, altogether.

Mazor develops the SpineAssist robotic imaging device to facilitate spinal surgical procedures.

Israel Healthcare Ventures Ltd. recently sold its 1.5 million shares in Mazor at an average price of NIS 8 per share.

Mazor CEO Ori Hadomi said, "The oversubscription is further evidence of the capital market's esteem for the company, and demands that Mazor continue its rapid growth and sales that began last year."

Mazor's share fell 1% in morning trading today to NIS 8.18, giving a market cap of NIS 119 million.

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2009

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

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