The company raised a gross NIS 8 million in a private placement of shares and warrants, amounting to 4.87% of its share capital.
Diabetes company InsuLine Medical Ltd. (TASE: INSL) has raised a gross NIS 8 million in a private placement of shares and warrants, amounting to 4.87% of its share capital. The company issued 4,519,774 shares and 1,355,932 warrants, exercisable for the same number of shares. If the warrants are exercised in full, the company will receive an additional gross NIS 2.86 million.
The placement was held at NIS 1.77 per share compared with today's opening price of NIS 2.109. The warrants are vested for 12 months at NIS 2.109 per share. The share price rose 4.1% by midday to NIS 2.195, giving a market cap of NIS 197 million.
"We are pleased at the closing of today's placement ahead of sales in Germany, which will make possible the launch of our InsuPad product there," said Insuline president and CEO Ron Nagar. "We believe that many marketing and operational steps will be readied for increasing sales.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2013
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