By Business Wirevia The Motley Fool
Filed under: Investing
Integrity Applications Common Stock is Publicly Quoted on the OTC Bulletin Board under the Symbol “IGAP”
Raises approximately $6.3 million to advance the development and commercialization of GlucoTrack
® for the non-invasive measurement of blood glucose
ASHKELON, Israel–(BUSINESS WIRE)– Integrity Applications, Inc. (OTCQB:IGAP), developer of the GlucoTrack DF-F non-invasive blood glucose measurement device, announced that its common stock is now publicly quoted on the OTC Bulletin Board under the symbol IGAP. Investors will be able to view the Real Time Level II stock quotes for IGAP at www.otcmarkets.com/stock/igap/quote.
“The commencement of trading in our common stock marks an important milestone for Integrity Applications, and we are pleased that our company has progressed to this stage,” said Avner Gal, Chief Executive Officer. “If approved for sale, our GlucoTrack DF-F product candidate will allow diabetics to painlessly measure their blood glucose levels without taking blood or utilizing test strips. We know that taking frequent blood glucose measurements improves patient care by facilitating glycemic control, and we believe that non-invasive testing will encourage more frequent measurements by diabetics.”
He added, “We filed a formal application seeking CE Mark approval for the GlucoTrack DF-F in Q1/13 and, although there can be no guarantee that we will receive CE Mark approval, we expect to receive CE Mark approval for the GlucoTrack DF-F during the second quarter of 2013. In addition, this year we intend to develop our regulatory strategy to support development of the GlucoTrack DF-F in the United States.”
Integrity Applications also announced that in March 2013, it raised gross proceeds of approximately $6.3 million in an offering of 6,300 Units, each of which consisted of (a) one share of the Company’s newly designated Series A 5% Convertible Preferred Stock with a conversion price of $5.80 per share, and (b) a warrant to purchase, at an exercise price of $6.96, up to 100% of the shares of Common Stock issuable upon conversion of such share of preferred stock. The shares of preferred stock are presently convertible into an aggregate of 1,086,206 shares of common stock and the warrants are presently exercisable for an aggregate of 1,086,206 shares of common stock.
Andrew Garrett, Inc. acted as the exclusive placement agent for this financing.
About GlucoTrack DF-F and Diabetes
Source: FULL ARTICLE at DailyFinance