Israel-based bio-medical company Epitomee Medical has completed an Initial Public Offering on the Tel Aviv Stock Exchange, the company announced Wednesday.
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The company raised $51 million from institutional investors, including leading insurance companies. The offering was made at a pre money valuation of $200 million on fully diluted basis.
Epitomee is a biomedical company that has developed ingestible technology platform that enables the creation of swallowable medical devices aimed to act along the GI tract to achieve therapeutic outcomes in highly prevalent diseases
Co-founder and CEO of Epitomee Dr. Shimon Eckhouse said, "Our product addresses the overweight challenge of a growing part of the world population. Epitomee's approach is completely new to the metabolic field. The combination of a simple-to-use product that does not require any intervention of medical staff with an excellent safety profile, makes this product the ultimate tool for weight management. Epitomee represents the right combination of unique technology that enables real change in an important clinical field, in a large market and with successful and experienced management. We see shareholders as full partners in the development of Epitomee, in its success, and in improving the health of millions of people around the world."
Epitomee's stock will start trading in the coming days under the symbol EPIT. The offering was led by Leumi Partners and Barak Capital.
