D. Medical, a medical device company that develops and manufactures insulin pumps, lowered the proposed deal size again for its upcoming IPO on Wednesday. The Israel-based company now plans to raise $12 million by offering 1.5 million shares at a price range of $7-$9. The company had previously filed to offer 2.7 million shares at a range of $10-$12 before lowering the number of shares to be offered to 1.9 million and then filing another amendment bringing the shares down to 1.5 million and the price range to $7-$9 million. At the mid-point of the revised range, D. Medical will raise -60% fewer proceeds than previously anticipated. D. Medical, which was founded in 1992 and has yet to generate product revenue, plans to list on the NASDAQ under the symbol DMED. Rodman & Renshaw is the lead underwriter on the deal, which is expected to price this week.
