Medigus completes $7.1M public offering: 5 key points

Written by Carrie Pallardy | July 16, 2015 | Print  |

Medigus, the medical device company behind the MUSE system, has completed its previously announced public offering in Israel.

Here are five things to know about the public offering.

1. The public offering of 70,525 units at a purchase price of 380 New Israeli Shekels per unit resulted in gross proceeds of approximately NIS 26.8 million, or $7.1 million.

2. Each unit consisted of 1,000 ordinary shares and 500 new Series 9 warrants. The Series 9 warrants trade on the Tel Aviv Stock Exchange.

3. The offering closed July 12. Certain U.S. organizations participated on a private placement basis.

4. "The Medigus growth plans aim to further enable our capacity to achieve our goals in the near future through key expansion initiatives for our MUSE system as well as for our micro ScoutCam portfolio. These funds will be an important contributor to our success and ability to enhance shareholder value. The success of this offering, which included both U.S. and Israeli institutional investors, reflects investor confidence in our company's potential as a leading player in minimally invasive GERD therapies," said Chris Rowland, Medigus CEO.

5. Roth Capital Partners and Rosario Capital were the financial advisors on the transaction.

More articles on gastroenterology:
New partnership creates virtual support community for IBD patients
Jefferson Digestive Health at Inspira opens in New Jersey
Medigus moves toward China FDA approval; distribution agreements: 5 things to know

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.