Kadimastem - Stem Cell to Cure Diseases

News & Events > Press Releases - 2016

Kadimastem's Public Offering a Success

Jul. 6, 2016

Ness Ziona, Israel, July 6, 2016, Israeli biotechnology company Kadimastem (TASE: KDST) announces today a successful public offering it held yesterday, Tuesday, July 5th. The company succeeded in raising NIS 4.04M, as planned.

The offering was done at a price of NIS 7.50 per share, and warrants were issued at a varying exercise price of NIS 8.20 for the first six months and NIS 10 thereafter, until June 2017.

This offering completes total financing of around NIS 20M, raised by the company over the past nine months.

Yossi Ben-Yossef, CEO of Kadimastem, stated: "We thank the investor public for its solid vote of confidence in the company."

The offering was led by Rosario Underwriting Services and accompanied by advocates Ilan Gerzi and Nir Zohar, of Pearl Cohen Zedek Latzer Baratz law firm.

 

 

About Kadimastem

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 35 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. The company's investors, in addition to the founders, include Altshuler Shaham Investment House, foreign investors (Julien Ruggieri and Avi Meizler), and additional institutional investors.

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, past 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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