Biotechnology drug development company Proteologics Ltd. is preparing a draft prospectus for an IPO on the Tel Aviv Stock Exchange (TASE) at a company value of $30-40 million.
Proteologics has raised $30 million to date. Its investors include Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), Morris Kahn, Lewis Pell, and Prof. Shlomo Ben-Haim, as well as Giza Venture Capital, Concord Ventures, Challenge Fund - Etgar, and Aurum Ventures MKI Ltd.
Proteologics has joint drug development programs with Teva, which has an option to acquire the company at a value of $100 million. Teva reportedly owns 15% of the company.
Although Proteologics was founded in 1999, it still does not yet have any products undergoing clinical trials. Its way to market is still long because it started out as a company for the commercialization of an innovative medical mechanism whose applications for drug discovery is largely unknown.
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2010
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