Switzerland: SHL Telemedicine raises SFr20.6m in private placement

SmartHeart

Swiss-listed Israeli medtech firm SHL Telemedicine has raised SFr20.6m (US$23.3m) in an equity private placement.

It has sold 2.3 million shares at SFr9 per share according to a company filing.

Following this issuance, the number of SHL shares issued has increased by 18.8%.

In addition, 1.1 million options have also been granted to purchase further ordinary shares of the company at an excise price of SFr11 in 24 months.

The company raised SFr11.7m, also in a private placement, at the end of January.

SHL plans to use the proceeds to support growth of its current business operations in Germany and to build up its business in the US. Proceeds will also be used to develop SHL’s supply chain, to accelerate R&D activities and to launch new products and technologies.

“It is the right moment to invest, and to broaden our institutional investor base,” said chief executive Erez Nachtomy.