Cancer Treatment Company Negotiating $20-25 Million Capital Injection
The potential investors condition the investment on delisting BioCanCell from the Tel Aviv Stock Exchange
16:4529.10.17
Cancer treatment company BioCanCell Ltd. is currently negotiating a $20-25 million investment from an Israeli-American investor group, the company announced today through its parent company Clal Biotechnology Industries Ltd.
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The potential investors condition the investment on delisting BioCanCell from the Tel Aviv Stock Exchange, prior to the investment, the company said in an announcement.
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The investors are looking to acquire preferred stock at a nominal value of 1.47 NIS ($0.42), giving the company a $45 million valuation, an 86% premium on BioCanCell’s current market valuation.
Founded in 2004 and based in Cambridge, Massachusetts, and Jerusalem, Israel, BioCanCell is a clinical stage company developing gene therapies for cancer. The company is currently looking for strategic partnerships for its leading product, intended for the treatment of early-stage bladder cancer.
