Shimon Eckhaus (photo by Tomer Shalom)
Epitomy Medical, a company that develops weight loss pills, announced yesterday (Monday) the completion of an initial public offering (IPO) On the Tel Aviv Stock Exchange. The company from Caesarea managed to raise NIS 162 million from institutional investors, including insurance companies and provident bodies. The issue was made at a value of NIS 632 million (before cash).
Simultaneously with the IPO, the global Nestlé company converted the convertible loan (CLA) In the amount of $ 7 million for the company’s capital, so that the total raising for the company amounts to approximately NIS 185 million. The company’s stock will start trading tomorrow under the symbol EPIT.
The IPO was led by the underwriting companies Leumi Partners and Barak Capital. Among the major shareholders who led the previous round of acquisitions are XT Hi-Tech, as well as other companies related to Udi Angel and Idan Ofer.
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Dr. Simon Ackhouse, Chairman of Epitome, said that “Epitome’s product solves the problem of a growing part of the population in the Western world – overweight. The combination of a simple to use product, which does not require the intervention of a medical staff, with an excellent safety profile – makes it To the ultimate in the war on the obesity epidemic. ”
Dr. Dan Hashimshoni, CEO of Epitome, added that “our technological platform makes it possible to manufacture and send through the digestive tract medical devices that are taken by ingestion, and are capable of performing some simple mechanical operations but with important medical impact.”
Although the company has not yet begun commercial production of the slimming capsule device, it has signed an agreement with Nestlé’s global food division, under which Nestlé will purchase Epitome’s capsules and market them exclusively, in exchange for sales rewards and up to $ 124 million in milestones.
Epitome’s IPO is Eckhouse’s second IPO this year. Last May, he completed the IPO of Softwave Medical, a company that specializes in laser wrinkle treatment, which is currently traded at a value of about NIS 945 million. Softwave raised about NIS 800 million in the offering (after the money).
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