Globe Newswire04.22.20
Integrity Applications Inc., innovator of GlucoTrack, a non-invasive device for measuring glucose levels in people with Type 2 diabetes and prediabetes, has closed a private placement of its common stock, which resulted in gross proceeds of $15 million. The 37,500,000 shares were sold at a price of $.40 per share.
The company intends to use the net proceeds from the private placement to support the ongoing development of the next generation wireless GlucoTrack and working capital and general corporate purposes.
The common stock sold in the private placement has not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction’s securities laws, and may not be offered for resale or re-sold in the United States, absent registration or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission registering the resale of the shares of common stock sold in the private placement.
Andrew Garrett Inc. acted as exclusive placement agent for the offering.
GlucoTrack is a non-invasive monitoring device that rapidly measures and displays an individual’s glucose level in about a minute without finger pricking or any pain. GlucoTrack features an ear clip with sensors that clips to the earlobe and measures the user’s glucose level using innovative and patented sensor technologies. The measured signals are analyzed using a proprietary algorithm and then a calculated glucose level is displayed on a small handheld device the size of a small mobile phone. The glucose results are stored in the device and used to estimate HbA1c level using a proprietary algorithm. The device can also display glucose values graphically, enabling the user to monitor glucose levels over time. GlucoTrack has received approvals for CE Mark in Europe and from the Ministry of Food and Drug Safety in South Korea for type 2 diabetes and prediabetes and is currently available in selected markets in Europe and Asia.
The company intends to use the net proceeds from the private placement to support the ongoing development of the next generation wireless GlucoTrack and working capital and general corporate purposes.
The common stock sold in the private placement has not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction’s securities laws, and may not be offered for resale or re-sold in the United States, absent registration or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission registering the resale of the shares of common stock sold in the private placement.
Andrew Garrett Inc. acted as exclusive placement agent for the offering.
GlucoTrack is a non-invasive monitoring device that rapidly measures and displays an individual’s glucose level in about a minute without finger pricking or any pain. GlucoTrack features an ear clip with sensors that clips to the earlobe and measures the user’s glucose level using innovative and patented sensor technologies. The measured signals are analyzed using a proprietary algorithm and then a calculated glucose level is displayed on a small handheld device the size of a small mobile phone. The glucose results are stored in the device and used to estimate HbA1c level using a proprietary algorithm. The device can also display glucose values graphically, enabling the user to monitor glucose levels over time. GlucoTrack has received approvals for CE Mark in Europe and from the Ministry of Food and Drug Safety in South Korea for type 2 diabetes and prediabetes and is currently available in selected markets in Europe and Asia.