CFO Shaul Sharoni said the company would be able to accelerate its development program and market penetration.
The four largest shareholders in Itamar Medical Ltd. (TASE:ITMR) Medtronic (NYSE: MDT), Dr. Giora Yaron, Martin Gerstel, and the Caremi Partners group have extended a $6 million credit line to the company, available until 2015. Itamar Medical is developing a non-invasive diagnostic device to detect sleep apnea and for early detection of heart disease.
After the announcement of the credit line, the company's share fell about 1.8%, giving it a market cap of some NIS 258 million.
Itamar Medical CFO Shaul Sharoni said that, with the new credit line, the company would be able to accelerate its development program, deepen its penetration of the US market with its sleep disorder product, and to enter new markets such as China and India. In the past, Sharoni told :Globes" that he company had enough cash to meet routine demands.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2011
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