TEL AVIV, Israel, Dec. 14, 2021 /PRNewswire/ -- Epitomee Medical (TASE: EPIT), the Israel-based bio-medical company, announced this morning the completion of its Initial Public Offering on the Tel Aviv Stock Exchange: 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.
Dr. Shimon Eckhouse, Co-Founder & Chairman of Epitomee: "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 ".
Dr. Dan Hashimshony, CEO of Epitomee: "Our technology platform makes it possible to generate ingestible therapeutic medical devices which are able to perform a number of simple tasks along the GI tract with great therapeutic value. The Epitomee weight management capsule is first example of the power of platform. Our entry into the stock exchange will assist the company in the processes required to establish the production lines, obtain the approval of the FDA of the Epitomee Capsule weight management solution and further develop the pipeline".
Epitomee's stock will start trading in the coming days under the symbol EPIT. The offering was led by Leumi Partners and Barak Capital. Among the major shareholders who led the previous round of investments is XT. Hi-tech and companies related to Udi Angel and Idan Ofer.
In August 2020, Epitomee and Nestle signed an exclusive co-development and marketing agreement under which the parties co-develop the product and take it to the market and Nestle Health Science will market the capsule exclusively worldwide.
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. Epitomee's first product is drug-free, self-administered shape-shifting Capsule which aims to prevent diabetes, address obesity-related comorbidities, and establish a healthier lifestyle.
For more details, visit the company website Epitomeemedical.com
SOURCE Epitomee Medical