- About Us
- Drug Discovery
- Regenerative Medicine
- News & Events
- Contact Us
News & Events > Press Releases
Stakeholders' Support for Kadimastem Continues: Investment of NIS 2.5M by Way of Convertible LoanNov. 9, 2016
Ness Ziona Science Park, Israel, November 9, 2016 – Israeli biotechnology company Kadimastem (TASE: KDST) announced today that it signed convertible bridge loan agreements with three of its stakeholders, who also serve as directors, Mr. Julien Ruggieri, Mr. Avi Meizler and Prof. Michel Revel, for a total amount of NIS 2.5M.
Moreover, the stakeholders stated that they intend to continue supporting the company until it commences its clinical trial. In the past two years, the company's stakeholders have invested around NIS 14M in the company, by means of direct investment, exercising options and convertible loans.
The company sees the convertible loan with the stakeholders at the terms agreed, and the intention of further support for the company, an exceptional vote of confidence.
According to the agreement, the loan will be converted to common shares as part of a rights offering. If an investment agreement of $ 2M or more will be signed with a foreign company or investor before the rights offering date, the terms of the rights offering, including the loan terms, will be identical to the terms of the investment by the foreign investor.
Yossi Ben-Yossef, Kadimastem's CEO, noted: "Kadimastem has been enjoying ongoing support and a great vote of confidence from its stakeholders and veteran investors for years. The stakeholders' commitment to the company's success allows us to focus on achieving the company's business and technological goals, and to advance towards the next significant stage for the company – the clinical trial in ALS".
Recently, Kadimastem announced the signing of a letter of intent with Hadasit Medical Research Services & Development Ltd., the technology transfer company of the Hadassah Medical Organization, for the performance of the clinical trial of Kadimastem's cell therapy product for the treatment of ALS.
The Company plans to commence the phase I/IIA clinical trial (safety and efficacy in humans) in mid-2017, under the supervision of the Israeli Ministry of Health, following completion of the necessary preparations under the outline coordinated with the FDA.
Kadimastem (www.kadimastem.com) is a biotechnology company that 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 Yosef, and is traded on the Tel Aviv Stock Exchange (TASE: KDST). 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 was founded based on patent protected technology that was developed at the Weizmann Institute of Science. 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.
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; 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, former Director of the Institute for Endocrinology, Diabetes and Metabolism at the RAMBAM Medical Center, and a world renowned expert in thes
Press Releases Archive