US equity fund Yorkville Advisors LLC is expanding its presence in Israel and investing $12 million in BiondVax Pharmaceuticals Ltd. (TASE:BNDX) and MobileMax Technologies Ltd. (TASE:MBMX). The investments will be through Standby Equity Distribution Agreements (SEDA) from Yorkville fund YA Global Investments LP.
Fixed mobile convergence technology developer MobileMax will receive up to $5 million over four years, and will allot shares to Yorkville at the market price as it draws on the funds.
Universal flu vaccine developer BiondVax will receive $7 million over three years. BiondVax may request Yorkville to subscribe for newly issued BiondVax shares in tranches of up to $250,000 each, subject to the company’s right to set a minimum price for each tranche below which it will not issue shares. The allotments will be at a discount of up to 3%, to the lowest volume-weighted average price of one of the five trading days following the date of the relevant draw down notice.
In any one tranche, BiondVax may not allot to Yorkville more than 4.99% of the voting rights in the company. BiondVax will have the option to increase the size of the facility up to $15 million, on the same terms.
Yorkville has already invested $18 million out of a $25 million SEDA with TowerJazz Ltd. (Nasdaq: TSEM; TASE: TSEM). It has also invested in Brainsway Ltd. (TASE:BRIN) and Pangaea Real Estate Ltd. (TASE:PNGD).
New Jersey-based Yorkville was founded in 2001. It has 50 employees and $1 billion in assets under management. The fund specializes in investments in public companies around the world with rapid growth potential in a range of industries, including real estate, life sciences, energy, high tech, and media.
BiondVax's share price fell 0.5% by midday to NIS 3.28, giving a market cap of NIS 124 million. MobileMax's share price fell 1.3% to NIS 1.02 giving a market cap of NIS 45 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2010
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