TopSpin completes stage in second bond offering

Topspin Medical Inc. (TASE:TOPMD) today completed the institutional stage of its secondary bond offering. The company obtained NIS 40 million in commitments. The company held its IPO a year ago.

The institutional stage accounts for 80% of the offering, and the remaining 20% will be offered to the public soon. In view of the results of the institutional stage, TopSpin increased the bond offering to 50,000 units.

The commitments by institutional investors were set at NIS 0.96 per bond. The institutional stage of the offering was by tender, in which bids for less than NIS 0.96 per bond were not accepted.

ToSpin manufactures a miniature MRI for diagnosing fatty tissue in arteries. A month ago, the company announced that it signed a distribution agreement with Top Medical for the Benelux countries. TopSpin also expects to obtain CE Mark approval for marketing its product in Europe in a few months, and Food and Drug Administration (FDA) approval for marketing in the US within a year. The company has a market cap of NIS 102 million.

Published by Globes [online], Israel business news - www.globes.co.il - on November 2, 2006