Itamar Medical (TASE:ITMR) said today that it stands to raise nearly $12 million in a private placement with American and Israeli investors.
Caesarea, Israel-based Itamar, which makes sleep apnea and heart failure diagnostic devices, said the round consists of $8 million raised from Deerfield Management, Triple Gate Capital, West Elk Partners, and Alpha Capital Anstalt. Another $3.5 million came from Israel’s More Investment House, the company said.
The placement was priced at ₪1.1693 per share (31.67¢) or $9.55 per American Depositary Share, each of which is worth 30 ordinary shares, Itamar said. The proceeds are earmarked for sales and marketing efforts for its flagship WatchPAT sleep apnea and EndoPAT heart disease devices.
Itamar said that, although the Israeli tranche is slated to close “within the next several weeks,” the U.S. tranche’s timing is uncertain “in light of, among other things, the continuing federal shutdown in the U.S.”
ITMR shares closed down -0.9% today in Tel Aviv, at ₪136.20 apiece (about $36.87).
($1 = ₪3.69187)
