S&P Capital IQ announced today that it has commenced Standard & Poor's Factual Stock Report coverage on Integrity Applications, Inc.
Integrity Applications, Inc. (OTCQB:IGAP), in the development stage as of December 31, 2012, is a medical device company focused on the design, development and commercialization of non-invasive glucose monitoring devices for use by persons suffering from diabetes. The company operates primarily through its wholly owned subsidiary, A.D. Integrity Applications, Ltd., an Israeli corporation, which was founded in 2001.
The company has developed a non-invasive blood glucose monitor, the GlucoTrack® model DF-F glucose monitoring device, which is designed to help people with diabetes obtain blood glucose level readings without the pain, inconvenience, cost and difficulty of conventional (invasive) spot finger-stick devices. The GlucoTrack DF-F utilizes a patented combination of ultrasound, electromagnetic and thermal technologies to obtain blood glucose measurements in less than one minute via a small sensor that is clipped onto one's earlobe and connected to a small, handheld control and display unit, all without drawing blood.
Integrity announced on June 4, 2013, that it has received CE Mark approval for its GlucoTrack DF-F non-invasive blood glucose measurement device. Receipt of the CE Mark allows Integrity Applications to market and sell the GlucoTrack DF-F glucose monitoring device in European Union (EU) member countries that have adopted the MDD without being subject to additional national regulations with regard to demonstration of performance and safety (although certain EU member countries may request or require additional performance and/or safety data from time to time, on a case-by-case basis). The CE mark also permits the sale in countries that have an MDD Mutual Recognition Agreement with the EU.
Integrity Applications has disclosed that it intends to enter into agreements with various third parties for the preparation and manufacture of its products as it does not have commercial manufacturing facilities and does not intend to build commercial manufacturing facilities of its own in the foreseeable future. Integrity builds prototypes of GlucoTrack devices for testing, including for limited use in clinical testing, using parts manufactured by subcontractors and assembles them in the company's Ashkelon, Israel offices.
In March 2013, Integrity Applications raised gross proceeds of approximately $6.3 million in an offering of 6,300 units, each of which consisted of one share of the company's newly designated Series A 5% Convertible Preferred stock with a conversion price of $5.80 per share, and a warrant to purchase, at an exercise price of $6.96 per share, up to 100% of the shares of common stock issuable upon conversion of such share of preferred stock.
Standard & Poor's Factual Stock Report coverage on Integrity applications, Inc. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.