Israeli medical pioneer Meron eyes ASX listing with latest venture
HyGIeaCare is a US based health care company, which owns and operates five medical centres across the US, offering a FDA-cleared colon cleansing method.
Gavriel Meron is a pioneer in the medical device industry and he is now taking his latest venture to Australia and aims a listing on the ASX before the end of the month.
HyGIeaCare is a US based health care company, which owns and operates five medical centres across the US, offering a FDA-cleared colon cleansing method to prepare patients for colonoscopy or to provide relief from chronic constipation. The company is trying to raise up to A$15 million to be valued at A$40 million.
In 1998 Gavriel Meron founded Given Imaging, which he led from an idea to a billion-dollar Nasdaq-listed company. As president and CEO he led the commercialisation of the ‘Pillcam’ – a disposable capsule designed to diagnose disorder of the gastrointestinal tract – before taking the company public in 2001. Before and after his tenure at GI, he held executive positions in a number of other high profile public companies.
Acting as Founder, Chairman and CEO of HyGIeaCare he aims to replicate GI’s success, facilitated by an Australian listing. HyGIeaCare was established in 2015 and has to date performed 4,450 procedures in its five centres. Two additional centres are currently under development and most of the proceeds will be used to expand the company’s footprint in the US.
In its prospectus the company lures investors with a first mover advantage, a high satisfaction rate amongst clients and the extensive network in the industry. While the IPO is highly speculative and subject to a number of risks, investing in HyGIeaCare means essentially backing up Gavriel Meron in his pursue to write another success story.
ASX Code: HGC
CDIs on Offer: 37.5m
Listing Price: $0.40 per CDI
Market Capitalisation: $40m
Listing Date: September 25
Author: Simon Herrmann
Sep 19, 2017
Simon is a financial analyst at independent research firm Wise-owl specialised in small-mid cap growth opportunities and ethical investment opportunities. Simon's aim is to disrupt the cliché approach to investment decision making as he believes that socially and environmentally responsible behaviour is a necessity to long-term wealth creation. Simon has a deep fundamental understanding of the global financial landscape and has compiled 300+ research reports, valuations and corporate appraisals. Simon is commonly featured in major media outlets and his research is published weekly in The Australian.