Trig Medical Ltd., which has developed technology for non-invasive monitoring of the movement of a fetus through the birth canal, thereby reducing the risks of birth, is holding an IPO. The company plans to raise NIS 30 million in shares and warrants, at a company value of NIS 80 million.
Trig Medical's product, LaborPro, meets a need caused by the great increase in the cost of malpractice insurance for hospitals and doctors, especially in the US. Malpractice lawsuits related to birth are the largest category of lawsuits against the medical profession.
The product is already undergoing research at university teaching hospitals around the world, and Trig is now entering the sales phase after obtaining US Food and Drug Administration (FDA) approval of the product. The company plans to set up distribution networks to sell the product in the US and China, and, in the second stage, to set up sales and marketing networks in other developed countries. The product has both FDA and EU CE Mark certification, and Trig is seeking China State Food and Drug Administration (SFDA) certification, which it expects to obtain within 12-18 months.
Trig believes that it will begin commercial sales of the LaborPro in potential markets in the US and China by the end of 2011. The company has raised $10.1 million to date.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2011
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