Jerusalem-based startup

DenX Medical Software Systems

, which develops computerized navigation systems for dentistry, will be the first Israeli company to list on an Australian exchange.

DenX will be achieving its listing through an agreement for a reverse merger with Australian shell company Helm Corporation, according to a pre-money company value of $17.5 million.

The shareholders of DenX include Teva Pharmaceuticals (Nasdaq:TEVA), Lumenis (Nasdaq:LUME), venture capital funds Alon (run by Gaon Holdings) Vitalife (Discount Capital Markets) and Israel Seed Partners, and others. These shareholders will be receiving Helm shares in exchange for their DenX equity. Helm became its biggest shareholder after two investments, bringing it 11.6% of DenX's issued capital, held through its subsidiary Bex Investments.

DenX's workers will also enjoy the privilege: they will be receiving options worth about $3 million, or tens of thousands of dollars per employee.

Upon the deal's completion, apparently in November, DenX shares will start to trade in Melbourne.

The post-merger value of the company is estimated at about $35 million.

DenX, established in 1994, has two main product lines, both based on the company's patented ability to image the mouth. Its lines are a simulation device for training purposes and an advanced imaging system for dental surgeons,

described in detail by TheMarker