AllMeD Solutions Reports Receipt of the Full Payment for PIPE Fundraising of Over $3.5 Million

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Jan 04, 2023, 09:00 ET

CAESAREA, Israel, Jan. 4, 2023 /PRNewswire/ -- AllMeD Solutions (TASE: ALMD) announced receipt of the full consideration for the last round of PIPE fundraising. The proceeds of the stock issue amount to more than $3.5 million. The fundraising was at a premium of 45% above the market share price prior to approval of the transaction by the board of directors.

This is an extraordinary increase given the current market conditions, when the markets are in a continuous downtrend as a result of inflation and interest rate is increasing.

AllMeD's announcement regarding this fundraising comes at a challenging time for the field of Bio-Med, as well as for public companies in general. AllMeD itself has been undergoing many changes recently since the appointment of the new company CEO, Professor Oz Shapira in March of this year. Oz Shapira is a Professor Emeritus of Cardiothoracic surgery and the former Chairman of the Cardiothoracic Surgery Department at Hadassah Hebrew University Medical Center. Professor Shapira also serves as the acting CEO of Allevetix Medical, and the Chairman of TruLeaf Medical – AllmeD two main active assets.

Among the current investors are world renowned experts with years of experience in med-tech and the capital market. AllMeD`s Chairman, Dr. David Milch, also participated in the current round of fundraising, investing $1 million. The outstanding composition investors` group, along with the very favorable terms of the investment in this unique round, reflects the confidence in the leadership of the company and the strong belief of the investors in the company`s ground-breaking technologies and business potential.

The additional funds raised in this round, together with the present cash balance and expected future considerations from prior strategic transactions substantially enhance AllMeD financial stability and will enable the company to support its subsidiaries and achieve its goals.

AllMeD Solutions has raised $47 million since it was founded. The company recently sold two subsidiaries for the total sum of $23 million. The current main assets include three medical device companies that are engaged in developing novel minimally invasive novel technologies in the cardiology, bariatric & metabolic and vascular spaces.

TruLeaf Medical is developing a groundbreaking technology – The RoseDoc mitral platform enabling replacement of the heart mitral valve using cardiac catheterization obviating the need of open-heart surgery. Thusfar, AllMeD has invested more than $6 million in TruLeaf Medical, and the Chief Scientist, about $2 million. The company has carried out a successful implant of the valve in a large number of chronic animals and is anticipating to start First in Human trial in early 2023.

Allevetix Medical has developed an innovative gastro-duodenal sleeve – the NobiX system, that mimics the effects of bariatric surgery aiming to treat obese patients with Type 2 Diabetes. The device is implanted endoscopically using conscious sedation in an outpatient clinic. This minimally invasive procedure is simple, safe, fully reversible and cost-effective. The company has carried out many successful implantations in animals. At this time the company is in the midst of a second human trial.

AllMeD also fully owns ProCatid Medical which has developed a unique, versatile embolic protection device – the Wirion, to reduce embolic complications of endovascular treatment (stenting) of the atherosclerosis of the carotid arteries that supply the brain. The device received FDA, EU and Australian regulatory approval and was used successfully in hundreds of patients.

For more information, visit almd-solutions.com

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SOURCE AllMeD Solutions