Diabetic product development company InsuLine Medical Ltd. published a prospectus this morning for its planned IPO. Sources inform "Globes" that the company will seek to raise NIS 20 million at a company value of NIS 90 million.

InsuLine was founded three years ago by engineers Ron Nagar, Dr. Gabi Biton and Dr. Beni Pesach who were all former employees of Glucon Medical Ltd. They were joined by Ehud Gilboa, a manager of Topnotch Capital and Ilan Cohen, founder and CEO of strategy company POC, and a former director general of the prime minister's office. InsuLine's VP is diabetes expert Prof. Itamar Raz. The founders hold 45% of the company's equity and the company has raised $3 million to date.

InsuLine has developed a system for speeding up the delivery of insulin into the bloodstream after it is injected. The two products developed by InsuLine are undergoing clinical trials in collaboration with Roche as the company strives to receive US Food and Drug Administration (FDA) approval.

According to its prospectus, the company expects to generate sales revenue in the second half of 2011 and be profitable by 2012. The date of the IPO has not yet been fixed but is expected to be in the next few weeks.

Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2010

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