A Medical Device Daily

InterCure (Fort Lee, New Jersey), manufacturer of the RESPeRATE hypertension treatment device designed to significantly lower blood pressure, reported that it has completed its initial public offering (IPO) on the Tel Aviv Stock Exchange.

The company said that it raised proceeds of $16 million through the sale of 3 million common shares and convertible bonds. The investors also received options that will provide the company with an additional $4 million once exercised.

I.B.I., Israel's largest investment bank, served as the underwriter for the offer.

Erez Gavish, president/CEO of InterCure, said, "Today, InterCure reached a significant milestone in our growth. Our IPO comes during a period of significant growth, with sales nearly doubling from $1.3 million in 1Q06 to $2.4 million in 1Q07.

The capital raised through the IPO will support InterCure's continued growth and penetration into the retail pharmacy channel in the U.S. and internationally. It will also allow us to accelerate our research and development programs for several additional personal therapeutic devices in our product pipeline."

InterCure is being traded on the Tel Aviv Stock Market under the symbol ENCR.