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Julien Ruggieri, a Controlling Shareholder in Kadimastem, Invests NIS 2M in the CompanyNov. 2, 2015
The raise was at a share price of NIS 5, with the shares restricted for six months
Ness Ziona, Israel, November 2, 2015, Israeli biotechnology company Kadimastem (TASE: KDST) announces today an additional investment by a controlling shareholder in the company, Mr. Julien Ruggieri, who has also served as a Director of the company for the past 5 years, by means of a private placement at a share price of NIS 5. In addition, the company will issue warrants to Mr. Ruggieri for 50% of the investment amount (i.e. NIS 1M), at an exercise price of NIS 6 for nine months. The shares and warrants will be issued following approval of the company’s general shareholders' meeting, and will be restricted according to the Tel Aviv Stock Exchange’s regulations.
Until today, Mr. Ruggieri has invested approximately NIS 13.8M in the company (including the current investment), through private placements and a rights offering.
Mr. Ruggieri has extensive experience in investment and business management. He serves as Director of Finance and President of Batipart Group, a Luxembourg investment and real estate firm, after previously having worked at Morgan Stanley in New York. He also serves as Chairman of the Board at Cherbourg Hotels and Monroe SA, as well as a director of additional companies. Mr. Ruggieri is a graduate of the European Business School and holds a DESS post-graduate degree in Audit from IAE, Aix-en-Provence, and an MBA from the Johnson School at Cornell University.
Yossi Ben-Yossef, CEO of Kadimastem, noted: “We welcome the additional vote of confidence from Julien Ruggieri in the company. Kadimastem is preparing for a meeting with the FDA this month, in which the outline for the company’s first clinical trial will be discussed. The company has a management team and Board of Directors committed to its success, and this investment provides, once again, strong financial support in the company”.
Kadimastem is a biotechnology company, operating in the field of regenerative medicine – a groundbreaking field in which the malfunctioning of organs which leads to diseases is repaired by external cells, tissues or organs. The company specializes in the development of human stem cell-based medical solutions for the treatment of diabetes and neurodegenerative diseases, such as ALS and Multiple Sclerosis. The company was founded in August 2009 by Professor Michel Revel and Yossi Ben Yossef, and is traded on the Tel Aviv Stock Exchange (TASE: KDST). Kadimastem employs 32 people, of which 11 are PhDs, and its 1,700m2 offices and labs are located in the Ness Ziona Science Park.
Kadimastem was founded based on patent protected technology that was developed at the Weizmann Institute of Science, in Prof. Michel Revel’s laboratory. Prof. Revel, who serves as the company's Chief Scientist and director, developed Merck KGaA's blockbuster drug, Rebif® for the treatment of MS (sales of around $2.4 billion sales in 2014).
Based on the company's unique platform, Kadimastem is developing two types of medical applications: A. Regenerative medicine, which repairs and replaces organs and tissue by using functioning cells differentiated from stem cells. The company focuses on transplanting healthy brain cells to support the survivability of nerve cells as cell therapy for ALS, and transplanting insulin-secreting pancreatic cells for the treatment of insulin-dependent diabetes; B. Drug screening platforms, which use functional human cells and tissues to discover new medicinal drugs. The company has two collaboration agreements with leading global pharmaceutical companies.
The company is headed by Yossi Ben-Yossef, an entrepreneur with extensive experience in life sciences companies. The company's chairman is Dr. Eli Opper, formerly the Chief Scientist of the Israeli Ministry of Industry, Labor and Trade, and its investors include Altshuler Shaham Investment House, foreign investors (Julien Ruggieri and Avi Meizler), and the company's founders.
Kadimastem has an extensive scientific advisory board, featuring prominent scientists and pioneers: in the embryonic stem cells field, Professor Benjamin Reubinoff and Professor Joseph Itskovich, in the neurodegenerative disease field, Professor Tamir Ben-Hur, and in the diabetes field, Professor Shimon Efrat and Professor Eddy Karnieli.
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