LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) issued a shelf prospectus yesterday to raise funds on the Tel Aviv Stock Exchange (TASE). The company is looking to raise funding for its clinical program, which includes continuing efficiency tests in Europe, which should support its sales there, as well as help it get insurance coverage for its products there.
The company also plans to conduct a larger clinical trial to support its application for FDA authorization, so that it can market its devices in the US.
The prospectus shows that negotiations with a US investor continue, as the sides discuss establishing joint operations in the US.
Yesterday, the company reported a possible investment had fallen through. That report referred to a potential investment of NIS 400,000 by private investors.
The company also reported that an investment agreement with two other investors was authorized, and that the deal will inject NIS 1.6 million into the company. The company's owners reported as well that they will provide NIS 4 million in funding, if the firm will need funds over the upcoming year and is unable to raise them elsewhere. According to the company, that funding is expected to be enough to cover its operations for the rest of the year.
Lifewave recently reported success in a trial in Italy among 39 patients, during which wounds which did not respond to previous long term treatment, were healed. 60% of the wounds were completely healed, and in the other 40% there was improvement.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2009
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