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Success for Kadimastem in Rights Offering.
Nov. 13, 2014
Raised NIS 5.1M
The company's stakeholders invested a substantial sum of NIS 3.8M
Ness Ziona, Israel, 13 November 2014, Israeli biotechnology company Kadimastem (TASE: KDST) announces the results of the rights offering held yesterday, in which the company offered up to 13,986 right units to the company's shareholders. Each unit included 206 shares at NIS 3.5 per share. 50.4% of the rights offered were exercised, and the proceeds amounted to NIS 5.1M.
The company's stakeholders and management took part in the rights offering. Prof. Michel Revel, a controlling shareholder, the company's Chief Scientist and a director, invested NIS 912K. Yossi Ben Yossef, a controlling shareholder, the company's CEO and a director, invested NIS 500K.
Mr. Julien Ruggeri, a controlling shareholder and a director in the company, invested NIS 1.9M. Avi Meizler, a director in the company, invested NIS 461K.
Yossi Ben-Yossef, the company's CEO, noted: "We have strong confidence in the company's potential, and therefore we, the founders and stakeholders in the company, invested significant sums in the rights offering".
Kadimastem (www.kadimastem.com) (TASE: KDST) uses human stem cells that are differentiated to create medical solutions for diabetes and degenerative diseases of the nervous system and for drug screening. The company’s technological platform enables the differentiation of stem cells into a range of functional human cells, including neuron-supporting cells in the brain as well as pancreatic cells that secrete insulin – beta cells.
Kadimastem relies on technology that was initially invented at the Weizmann Institute in Prof. Michel Revel’s laboratory, and which is now being further developed and advanced in the company’s labs at the Weizmann Science Park. Kadimastem is developing two types of medical applications: A. Regenerative medicine, the purpose of which is to repair and replace tissues and organs damaged by disease using healthy cells grown in laboratory conditions, for example, transplantation of insulin-secreting pancreas cells to treat insulin-dependent diabetes, or transplantation of healthy brain-supporting cells to improve survival of nerve cells and treat ALS; B. Drug screening platforms which use functional human cells and tissues to discover new medicinal drugs.