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News & Events > Press Releases
Success for Kadimastem in Rights Offering;Feb. 28, 2017
Raised NIS 7.2M
71% of the rights offered were exercised
Ness Ziona, Israel, 28 February 2017, Israeli biotechnology company Kadimastem (TASE: KDST) announces the results of the rights offering held and completed yesterday. In the rights offering the company offered up to 1.122 million right units to the company's shareholders. Each rights unit included three shares at a price of NIS 3 per share. 71% of the rights offered were exercised, and the proceeds amounted to NIS 7.2M.
The company's stakeholders took a significant part in the rights offering and invested NIS 3.3M (Prof. Michel Revel, a controlling shareholder, the company's Chief Scientist and a director in the company; Mr. Julien Ruggeri, a controlling shareholder and a director in the company; and Mr. Avi Meizler, a director in the company).
The rights offering brings Kadimastem to a total raise of NIS 11M in the past months, after it had raised NIS 3.8M in a private placement last month.
Yossi Ben-Yossef, CEO of Kadimastem, noted: "2017 is a pivotal year for the Company, with the clinical trial of its cell based product for ALS treatment expected to commence. The results of the offering indicate the great confidence in the company's potential by the company's investors and stakeholders, who invested substantial amounts in the offering ".
The offering was led by Rosario Underwriting Services Ltd., Cybele Investments Ltd. and M.D Premium Issuances Ltd., and the private placement was led by Rosario Underwriting Services Ltd.
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 technology for 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.
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 these fields.
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