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Israeli medical device company Neurocords prices IPO on TSX Venture Exchange

Israel-based Neurocords Corp. priced its IPO on the TSX Venture Exchange at 15 Canadian cents per unit.

The medical device company is selling a minimum of 11 million units and a maximum of 13,333,334 units under the IPO. Each unit includes one common share of the company and one-half of a common share purchase warrant.

Each whole warrant entitles the holder to buy one common share of the company at an exercise price of 25 cents each for 2 years following the closing date of the IPO. However, if the closing price of Neurocords' common shares in any stock exchange reaches or exceeds 33 cents per share for 20 consecutive trading days, the company may accelerate the expiry date of the warrants to 30 days following a written notice.

Neurocords expects net proceeds of about C$1.5 million to C$1.8 million from the offering. The company plans to use proceeds for research and development, sales and marketing as well as for general and administrative expenses.

The IPO is expected to close on or about Oct. 29.

Neurocords develops products for spinal, optic and peripheral nerve reconstruction and regeneration.