LifeWatch, which coordinates the company's heart-patient monitoring service, had planned to raise $75 million.
Healthcare technologies company Card Guard AG (SWX:CARDG), announced Thursday morning that it has decided to postpone the planned Nasdaq IPO of its subsidiary LifeWatch Inc. LifeWatch, which coordinates the company's heart-patient monitoring service, had planned to raise $75 million. Naturally, Card Guard did not disclose the reason for the postponement.
Lifewatch, which was founded 14 years ago, formally commenced IPO procedures in November and submitted a draft prospectus to the US Securities and Exchange Commission (SEC). Under that prospectus, LifeWatch planned to raise a maximum of $75 million at a value of $250-300 million. In the subsequent six months, LifeWatch submitted four additional drafts.
The consortium of underwriters who were to be involved in the offering included Cowen and Company, Jeffreys and Company and Piper Jaffrey.
Published by Globes [online], Israel business news - www.globes.co.il - on May 14, 2007
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