Diabetes co InsuLine raises NIS 21.5m in IPO

InsuLine believes it will obtain FDA approval for its product within 12 months, under an abbreviated procedure.

Diabetes product company InsuLine Medical Ltd. raised NIS 21.5 million in the public tender of its IPO on the Tel Aviv Stock Exchange (TASE) yesterday.

InsuLine's InsuPad shortens the time for insulin to be absorbed into the bloodstream. The company believes that it will obtain US Food and Drug Administration (FDA) approval for the product within 12 months, under an abbreviated procedure. The company already has EU CE Mark for the product and its development and production processes.

InsuLine issued 4,000 units at a minimum price of NIS 5,425 per unit. Each unit comprised 3,500 shares at NIS 1.55 per share, and 1,700 warrants at no cost. The underwriters were Meitav Issuing and Finance Ltd, Excellence Nessuah Underwriting (1993) Ltd., Rosario Underwriting Services (AS) Ltd., and Clal Finance Underwriting Ltd.

Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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