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Ilex Medical To Invest 10 Million Nis ($3.2 Million) In Kadimastem

Nov 29, 2021•almost 4 years ago
Ness Ziona

Description

Kadimastem Ltd. (TASE: KDST), a clinical stage cell therapy company developing a treatment for ALS and a cure for diabetes, announces a raise of 10 million NIS ($3.2 million) from ILEX Medical (TASE: ILX) one of the largest healthcare companies in Israel, in a private financing round. The raise was completed at a price of 4.26 NIS ($1.35) per share (about 5% higher than the closing price of the share on the eve of the board of directors meeting). As part of the investment, ILEX Medical was granted a total of 1,407,130 options (60% coverage) in 2 series, at exercise prices of 7 NIS ($2.2) and 8.5 NIS ($2.7) per share (up to 100% from the share price at the transaction)

Company Information

Company

Kadimastem

Location

Ness Ziona, Center District, Israel

About

Kadimastem is a clinical stage cell therapy company, developing and manufacturing "off-the-shelf", allogeneic, proprietary cell products based on its technology platform for the expansion and differentiation of Human Embryonic Stem Cells (hESCs) into functional cells. AstroRx®, the company's lead product, is an astrocyte cell therapy in clinical development for the treatment for ALS. IsletRx is the company's second product in development. IsletRx is comprised of functional, insulin producing, pancreatic islet cells intended to treat and cure patients with insulin-dependent diabetes. IsletRx demonstrated safety and efficacy in a proof-of-concept preclinical study. An INTERACT meeting took place with the FDA on October 7, 2021, where the diabetes treatment program was discussed, and the company received directions how to prepare its Pre-IND submission. Kadimastem was founded by Professor Michel Revel, CSO of the company and Professor Emeritus of Molecular Genetics at the Weizmann Institute of Science. Professor Revel received the Israel Prize for the invention and development of Rebif®, a multiple sclerosis blockbuster drug sold worldwide. Kadimastem is traded on the Tel Aviv Stock Exchange (TASE: KDST).