Ellex Medical Lasers (ASX: ELX) operates in the current market 'hot spot' of the medical device sector, with its shares close to doubling recently from the May lows.
Ellex Medical is now heading to market with a capital raising, with the ASX granting the company a trading halt - with its shares placed in pre-open.
The company develops, manufactures and markets lasers and diagnostic equipment for the treatment of eye disease to a growing global market.
Highlighting the interest in ophthalmic lasers, Abbot (NYSE: ABT) acquired Optimedica Corporation for US$250 million upfront and further US$150 million in earn out.
Ellex Medical's revenue for FY13 was $42.8 million, which is dispersed across the globe and includes around a quarter from both the Americas and Japan, and about a fifth from Australia.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 19th September 2013.
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