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
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
The GlucoTrack DF-F glucose measuring device utilizes a patented
combination of ultrasound, electromagnetic, and thermal technologies to
obtain blood glucose measurements in less than one minute via a small
sensor that is clipped to the earlobe and connected to a
smartphone-size, handheld control and display unit, all without drawing
blood.
Clinical data collected since 2009 at the Soroka University Medical
Center in Israel indicate a positive correlation between GlucoTrack DF-F
readings and those obtained from conventional invasive devices. More
specifically, a safety and performance clinical trial conducted on 135
subjects of various weights, ages, diabetes types, and genders involved
6,275 measurements, of which 96.5% were within the clinically acceptable
zones (zones A and B) of the Clarke Error Grid.
The growing incidence of diabetes is well known and presents a health
crisis in many countries. According to the World Health Organization 347
million people worldwide had diabetes as of March 2013, with deaths from
diabetes projected to rise by more than 50% in the next 10 years.
According to International Diabetes Federation estimates, 35 million
adults in Europe had diabetes in 2011 and this is projected to increase
to 43 million by 2030.
About Integrity Applications
Integrity Applications, Inc. is a medical device company focused on the
design, development and commercialization of non-invasive glucose
monitoring devices for use by people with diabetes. Integrity
Applications has developed a non-invasive blood glucose monitor, the
GlucoTrack model DF-F glucose monitoring device, which is designed to
help people with diabetes obtain blood glucose level measurements
without the pain, inconvenience, incremental cost, and difficulty of
conventional (invasive) spot finger stick devices. Integrity
Applications works primarily through its wholly-owned Israeli
subsidiary, A.D. Integrity Applications, Ltd. For more information
please visit www.integrity-app.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements
contained in this news release that are not statements of historical
fact may be deemed to be forward-looking statements. Without limiting
the generality of the foregoing, words such as "will," "expect," and
"believe," are intended to identify forward-looking statements. Readers
are cautioned that certain important factors may affect the Company's
actual results and could cause such results to differ materially from
any forward-looking statements that may be made in this news release.
Factors that may affect the Company's results include, but are not
limited to, regulatory approvals, product demand, market acceptance,
impact of competitive products and prices, product development,
commercialization or technological difficulties, the success or failure
of negotiations and trade, legal, social and economic risks, the risks
associated with the adequacy of existing cash resources and its ability
to continue as a going concern. Additional factors that could cause or
contribute to differences between the Company's actual results and
forward-looking statements include, but are not limited to, those
discussed in the Company's filings with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2012.