Home Ultrasound Co Pulsenmore Files for TASE IPO
Home ultrasound device business Pulsenmore, founded by Dr Elazar Sonnenschein, filed a prospectus for an IPO on the Tel Aviv Stock Exchange last week.
The company plans to raise $ 40 million worth $ 200 million. Its last fundraiser was in March 2020 for a value of $ 30 million, but that was before the coronavirus pandemic took hold, resulting in impressive growth in digital health services, and the company is founding its assessment on its recognition as part of this trend.
Pulsenmore currently has no income, but a deal with health fund Clalit saw it report an order backlog of NIS 2.5million last week for delivery in the first half of this year and a backlog of 15 , 7 million NIS for delivery in the second half of the year. of the year. At present, the company has no other customers.
Pulsenmore’s financial statements include a going concern warning from its auditors. Sonnenschein previously founded Medigus, which developed an endoscope for the non-incisional treatment of GERD (gastroesophageal reflux disease). The company has failed to generate significant revenue, and since its dual listing on Nasdaq as well as Tel Aviv, its share price has fallen 97%.
Sonnenschein founded Pulsenmore in 2015 and was ahead of his time in digital and remote healthcare. Directly and through a company he heads, Sonnenschein owns 44% of Pulsenmore. Kfir and Esther Luzzatto, owners of the patent law firm Luzzatto & Luzzatto, own 11% and Fujifilm, also active in the ultrasound field, owns 3.8%. The company has only raised $ 7 million to date.
The company’s product is intended for home use by pregnant women. It aims to reduce the need to go to hospital emergency rooms when the fetal movement ceases to be felt or there is some other reason to fear for the condition of the fetus. The patient receives advice via her mobile phone on how to scan the tummy area and sends the scan to a doctor for immediate interpretation. There is a limit to the number of scans that can be done in a day or during the entire pregnancy, so as not to overwhelm doctors. For an organization like Clalit, however, and for the hospitals it works with, it is felt to be worth having remote scans done even at high frequencies, in order to reduce the number of unnecessary emergency department visits. , and be able to quickly identify fetuses that are really at risk.
Pulsenmore indicates in its prospectus that there are other companies producing mobile ultrasound devices, but not for use by patients themselves, while some companies produce devices for patient use, but these are ” for entertainment ”, allowing future parents to photograph fetuses and gain a sense of a relationship with him, and do not live up to medical standards. Another rival product is a device that only listens to the fetal pulse and thus checks its viability.
Pulsenmore submitted its product for approval to the U.S. Food and Drug Administration in 2020, but was told its product was not similar enough to the product it was being compared to to receive expedited approval. Subsequently, the company re-applied for fast track approval for new products, which is likely to require a clinical trial.
Posted by Globes, Israel Business News – fr.globes.co.il – on May 3, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021