The Caesarea, Israel–based respiratory sleep disorder treatment developer offered more than 2.5 million ADSs at a public offering price of $13.75 per ADS to reach the $35 million mark before the deduction of underwriting discounts and commissions, according to a news release.
Itamar Medical said that each ADS represents 30 ordinary shares of the company. Underwriters were granted a 30-day option to purchase up to an additional 381,817 ADSs on the same terms and conditions. Itamar expects the offering to close on Feb. 4.
The company plans to use the proceeds from the offering to hire additional sales and marketing personnel while expanding its marketing programs. It also intends to use the money to fund product development, research & development activities and clinical research, while investing in information technology and facility infrastructure.
Piper Sandler is acting as sole bookrunner for the offering, while Ladenburg Thalmann and Alliance Global Partners are acting as co-managers.
Itamar develops non-invasive devices to aid in the diagnosis of respiratory sleep disorders. Its digital healthcare platform is designed to facilitate the continuum of care for effective sleep apnea management, while the Total Sleep Solution is supposed to help physicians provide comprehensive sleep apnea management.