Itamar Medical Announces Definitive Agreements for $11.5 Million Private Placement

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Today Itamar Medical Ltd. (TASE: ITMR) announced that it has entered into definitive agreements for a $11.5 million private placement at a purchase price of NIS 1.1693 per ordinary share of the Company, or $9.55 per American Depositary Share (ADSs), each representing 30 ordinary shares. Of the $11.5 million, $8.0 million will be made through purchases of ADSs by U.S. accredited investors (the “U.S. Tranche”), consisting of a fund managed by Deerfield Management Company, L.P. as well as Triple Gate Capital, L.P., West Elk Partners, L.P. and Alpha Capital Anstalt, and the balance of $3.5 million will be by way of issuing ordinary shares to More Investment House. (the “Israeli Tranche”). (The company develops, manufactures, and markets non-invasive diagnostic medical devices for sleep apnea with a focus on the cardiology market).

The closing of the transaction is subject to listing and other customary conditions, including (i) with respect to the U.S. Tranche, that (a) the registration statement on Form 20-F filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934 to register the class of ADSs underlying the ADR Program has become effective and (b) the ADSs are eligible for, and have commenced, trading on the Nasdaq Capital Market, and (ii) with respect to the Israeli Tranche, receipt of listing approval by TASE. While the Company expects the closing of the Israeli Tranche to occur within the next several weeks, there is no assurance as to the timing of the closing of the U.S. Tranche in light of, among other things, the continuing federal shutdown in the U.S.

Net proceeds of the financing will be used primarily to accelerate the Company’s revenue growth through direct expansion of its sales and marketing initiatives.



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