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Stakeholders Show Confidence in the Company: Early Exercise of Options in Amount of NIS 2.5MApr. 3, 2016
Ness Ziona, Israel, April 3, 2016, Israeli biotechnology company Kadimastem (TASE: KDST) announces the exercise of options by stakeholders of around NIS 2.5M. The exercise of the options completes total financing of around NIS 15.5M that the company has raised over the past 6 months, and comes after the company has progressed with the FDA towards clinical trials in ALS. Half of the investment amount was at an exercise price of NIS 7.60 and half at an exercise price of NIS 6.0. The exercise of the options prior to their expiration date indicates the stakeholders' strong confidence in the company and in its potential.
Amongst the stakeholders who invested are: Yossi Ben-Yossef, the company's CEO and co-founder, Professor Michel Revel, the company's Chief Scientist and co-founder, Julien Ruggieri, an investor and a director of the company, and Yigal Fatran, an investor and a director of the company.
Yossi Ben-Yossef, CEO of Kadimastem, noted: "Financing by way of option exercise does not increase the dilution (in a fully diluted calculation). The early exercise indicates our great confidence in the company's potential and the progress achieved in the company's areas of operation, ALS and diabetes."
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 12 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, Director of the Hadassah Human Embryonic Stem Cell Research Center and Senior Physician at the Department of Obstetrics and Gynecology at the Hadassah University Medical Center and Professor Joseph Itskovich, world renowned expert and pioneer in pluripotent stem cell research and former head of Obstetrics and Gynecology at Rambam Medical Center; in the neurodegenerative disease field, Professor Tamir Ben-Hur, Head of the Department of Obstetrics and Gynecology at Hadassah University Medical Center; and in the diabetes field, Professor Shimon Efrat, professor of Human Molecular Genetics and Juvenile Diabetes at Tel Aviv University and a world renowned expert in cell replacement therapy for diabetes and Professor Eddy Karnieli, Director of the Institute for Endocrinology, Diabetes and Metabolism at the Rambam Medical Center, and a world renowned expert in these fields.
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