Itamar Medical: Yelin Lapidot and Migdal Insurance to Invest NIS 23.6
Million in Private Equity Placement
Yelin Lapidot will invest NIS 18.6 million, to become an interested party in
the Company, together with HaPhoenix Insurance and Migdal Insurance. Migdal is
increasing its equity stake by investing a further NIS 5 million in this
CAESAREA, Israel -- May 8, 2014
Itamar Medical reported today, May 8, 2014, it has raised capital amounting to
NIS 23.6 million by blocked private equity placement at a share price of NIS
1.80 from funds managed by Yelin Lapidot, which would become an interested
party in the Company, holding 5.7% of Company shares - and from Migdal
Insurance, already an interested party, which would increase its equity stake
in the Company to 7.7%.
The capital raised would be used by the Company to accelerate its sales and
marketing efforts in markets where the Company is focusing its business, in
line with the new strategy announced, namely: USA, Japan and Israel. Some of
these resources would be used to accelerate the Company's R&D operations to
bring forward the launch of improvements and innovative indications for
The Company recently announced it had signed agreements with major
international companies, including: an exclusive marketing agreement with
Medtronic to physicians in the USA who specialize in Arrhythmias and atrial
fibrillation; and an agreement with Phillips for distribution of the Company's
WatchPAT™ product in Japan.
Mr. Gilad Glick, CEO of Itamar Medical, said: "I thank Yelin Lapidot, Migdal
Insurance and other investors in our company for their vote of confidence; we
intend to diligently strive to expand sales and marketing operations of
Mr. Shaul Sharoni, CFO of Itamar Medical commented: "We see great value in
signing up leading investors in the Company, such as Yelin Lapidot which would
become an interested party - along with an A-list of institutional investors,
such as Migdal, HaPhoenix and others with whom we are in close contact."
This private placement was led by Cybele Holdings, assisting Itamar Medical in
the capital market, and by the law firm of Gross, Kleinhendler, Hodak, Halevy,
Greenberg & Co.
Itamar Medical is a public medical technology company (TASE:ITMR) developing
non-invasive medical devices using its proprietary PAT^® signal (Peripheral
Arterial Tone). Its two product lines based on the PAT^® signal are:
WatchPAT™, a medical-grade home device for diagnosis of sleep breathing
disorders, and EndoPAT™, a non-invasive endothelial function assessment device
used to improve risk-stratification and personalize treatment in symptomatic
and cardiovascular disease patients across all disease states.
The PAT^® signal is measured non-invasively at the finger tips, using a custom
finger sensor and signal processing algorithms developed by the Company and
validated in hundreds of scientific publications.
for Itamar Medical
Daphna Triwaks, 972 (50) 520 2322
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