Published On: Wed, Jul 16th, 2014

3 Israeli Companies Filing for $208 Million NASDAQ Total Offering this Week

SuperCom Ltd., Alcobra Pharmaceuticals Ltd., and ReWalk Robotics Ltd. are seeking investments on NASDAQ.

NASDAQ

SuperCom files for $50 million Nasdaq offering

SuperCom_logo By Shiri Habib-Valdhorn SuperCom Ltd. (Nasdaq:SPCB) has filed a shelf prospectus with the US Securities and Exchange Commission to raise up to $50 million. The terms of the offering have not yet been disclosed and it could include shares, options, bonds or a combination of all of them.

The electronic and radio-frequency identity (EID and RFID) solutions provider has sen its share price rise 1, 400% since the start of 2013. When the company raised $14 million at the end of 2013, the share price had already risen sharply to $4. Since the start of 2014, the share price has risen a further 96.5% to its current price of $9.1 million, giving a market cap of $121 million.

SuperCom had $2 million in cash at the end of the first quarter after reporting revenue of $5.3 million, up 161% from the corresponding quarter, and non-GAAP profit of $1.7 million, up 177%.

Alcobra files for $100 millio Nasdaq offering

alcobra-logo By Gali Weinreb and Tali Tsipori

Alcobra Pharmaceuticals Ltd. (Nasdaq: ADHD), which is developing drugs for treating ADHD has filed a prospectus to raise up to $100 million. The price of the shares in the offering was not indicated. A shelf prospectus is not binding but it indicates that Alcobra has a huge appetite for raising money after already holding two offering in the past 14 months. Alcobra’s IPO on Nasdaq in May 2013 raised $25 million at a company value of $89 million. After the share price rose 200% in just six months, the company held a secondary offering to raise $33 million, lowering its company value by one third to $170 million. Today Alcobra is worth $260 million and had $44 million in cash at the end of the first quarter. Alcobra came to Nasdaq 14 months ago without cash and almost no expenses and was a company relying on outsourcing. Since then the expenses have accumulated mainly due to clinical trials. The filing of the prospectus comes as Alcobra announced that patient recruitment for a Phase III clinical trial of its lead product for ADHD treatment has been completed. Results are expected in September, earlier than expected.

ReWalk Robotics files for $58m Nasdaq IPO rewalk_logo

By Gali Weinreb and Efrat Peretz

Yokne’am-based ReWalk Robotics Ltd. has filed for an IPO on Nasdaq to raise $58 million at a company value of $250-300 million after money. The company recently changed its name from Argo Medical Technologies to its flagship product, which is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with Spinal Cord Injury (SCI) to stand upright and walk.

The Yokne’am company’s device allows spinal cord injury sufferers to walk. The product was developed by Dr. Amit Goffer, 61, the company Founder and President and VP CTO who had previously founded Odin, which was sold to Medtronic for $9 million. Before he had founded Odin back in 1997, Dr. Goffer was involved in an accident that left him paralyzed. Ways of getting out of his wheelchair led him to set up Argo. Goffer today has a 3.7% stake in ReWalk and following the IPO, he will receive additional shares increasing his holding to 6%. ReWalk recently received US Food and Drug Administration (FDA) approval for its ReWalk device for home use, which generated major media attention, and has also stirred up interest among investors. To date the company has marketed the product in hospitals earning $1.6 million revenue in 2013 and a loss of $12.2 million. The device costs $60-70, 000.

Published by Globes [online], Israel business news – www.globes-online.com 

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