XTL Biopharma files to raise $40m on Nasdaq
D Medical's experience last week demonstrated that obtaining a premium on the TASE market cap is not easy.
Brainsway Ltd. (TASE:BRIN) today announced that it plans to hold an offering on Nasdaq this year. It is undeterred by the difficulties faced by D Medical Industries Ltd. (TASE:DMDC; Nasdaq: DMED) in its Nasdaq offering last week.
Brainsway has developed Deep TMS (Transcranial Magnetic Stimluation) for non-invasive treatment of a range of neurological and psychiatric disorders. The company is joining drug developers BiolineRX Ltd. (TASE:BLRX) and Biocancell Therapeutics Ltd. (TASE:BICL) in plans to hold offerings on Nasdaq. "Globes" was the first to report that Biocancell is seeking to raise $10 million on Wall Street.
Brainsway, run by CEO Uzi Sofer, currently trades at a market cap of NIS 341 million. It had NIS 23 million in cash at the end of March. The company did not disclose how much it wants to raise on Nasdaq, or at what company value. It is also not known whether it will aim for a premium on its market cap on the TASE, but D Medical's experience last week demonstrated that obtaining such a premium is not easy.
Brainsway's share price rose 5.6% by mid-afternoon on the TASE to NIS 8.52.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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