Diabetes treatment holding company D Medical (TASE: DMDC) said that it has begun preparations for a Wall Street offering, with a goal of raising $20-25 million.
The company expects that it will complete the public offering by the end of the first half of this year.
The company intends to use the funds it raises to accelerate the global marketing of its completed products, to continue development of its other products, and for working capital needs.
D Medical reported back in October that it intends to raise funds in the US, either on Nasdaq, AMEX, or the New York Stock Exchange.
In November, the company raised NIS 12 million in a private funding round, which is intended to reach NIS 17 million.
If the US offering goes through, it will make D Medical the first of the young biomed companies which have been listed since 2005 under the law to list R&D firms which will have also listed in the US. Other companies that have discussed that option include Bioline, Kamada Ltd. (TASE: KMDA), and Biomedix Incubator Ltd. (TASE:BMDX), but market conditions of the past two years prevented them.
D Medical holds several firms working on diabetes treatments and devices. The firms are Nilimedix Ltd., G-Sense Ltd., Medx-set Ltd., and Sindolor Medical.
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2010
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