Diabetic product development company InsuLine Medical Ltd. will attempt to raise NIS 22 million tomorrow on the Tel Aviv Stock Exchange (TASE) at a company value of NIS 70 million, before money.

The company will issue shares and warranties and the offering will total 4,000 units. Each unit will be comprised of 3,500 shares at NIS 1.55 per share and 1,700 warranties at no cost - thus each unit will cost NIS 5,425.

InsuLine has developed a system for speeding up the delivery of insulin into the bloodstream after it is injected. Trials so far have found that insulin can reach the bloodstream after 47 minutes compared with 77 minutes using current devices while bringing about a better balance in the level of sugar after meals.

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. The company believes it will have FDA approval in within a year.

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 company's main shareholders are Ronen Melnick's Wannaka Capital (31.8%), founder Ron Nagar (15.65%), Emmanuel and Carla Dabah (14.5%), Gabriel Biton (10.54%), Benny Pesach (10.54%) and Udi Gilboa (6.9%).

Published by Globes, Israel business news - www.globes-online.com - on July 27, 2010

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