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3D medical imaging co Orscan plans TASE IPO

Orscan will presumably try to raise a few tens of millions of shekels at a company value of NIS 70-80 million, after money.


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3D scan for face

/ By Gali Weinreb /

Sources inform ”Globes” that 3D medical imaging developer Orscan Technologies Ltd. is preparing a prospectus for an IPO on the Tel Aviv Stock Exchange (TASE), making it the second life sciences company to go public in Israel this year. Clal Finance Underwriting Ltd. and Barak Capital Underwriting Ltd. are the underwriters.
The amount that Orscan plans to raise and its company value are not yet known. However, on the basis of the IPO of Kadimastem Ltd. (TASE: KDST), which closed after the underwriters exercised their options, and the cancelled IPO by Neuronix Ltd., Orscan will presumably try to raise a few tens of millions of shekels at a company value of NIS 70-80 million, after money. Orscan already has sales.
Orscan’s investors include Yitzhak Tshuva through his company, Loyal White Management and Investments (1997) Ltd., as well as some of the company’s directors who also serve on the board of Delek Group Ltd. (TASE: DLEKG).
Orscan was founded by CEO Yariv Oz and VP R&D Einat Kidron in 2010. It has developed a camera array and algorithms to process images for monitoring physical changes. The company’s Skin-Vision 3D medical imaging system is designed for the early detection of melanoma through mole mapping.
Orscan estimates the US melanoma market at $740 million a year, and there is $70 insurance indemnification for diagnostic tests. On its website, the company says, “Current melanoma diagnostic systems are complex and expensive, requiring extensive skin examination by a physician. For instance, a TBSE (Total Body Skin Examination) procedure takes about 40 minutes since the doctor needs to manually compare between the 2D images.”
Orscan is also developing Face-Vision, a 3D imaging solution for the face, and other products.
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