Itamar Medical to Raise $11.5 Million in Private Placement

Tel Aviv-listed medical diagnosis company Itamar Medical Ltd. has signed agreements to raise $11.5 million in private placement, the company announced Thursday. Of that sum, $3.5 million has been raised by issuing ordinary shares to Israel-based More Investment House. The remaining sum, which will be issued as American Depositary Shares to U.S. accredited investors, depends on Itamar Medical listing the ADS on Nasdaq, a process the company cautions could be delayed considerably by the current federal shutdown in the U.S.

Israel-based Itamar Medical, founded in 1997, develops and manufactures non-invasive diagnostic devices for sleep disorders and cardiovascular diseases. The company’s device has been approved by the U.S. Food and Drug Administration.