An Israeli institutional investor bought 8.5% in biotech company ProCognia (Israel) Ltd. (TASE:PRCG), at a share price lower than the market price. The transaction was part of the sale by UK parent company Procognia Ltd. of its 49.2% stake in the Israeli subsidiary.
The share price in the transaction was NIS 0.445, about 13% lower than the closing price on Thursday of NIS 0.514. Procognia's market value on the Tel Aviv Stock Exchange (TASE) is NIS 16 million. The company recently announced plans to raise funds on the stock market based on an existing shelf prospectus.
Procognia has developed a glycolanalysis platform for testing sugar molecular structures on proteins, and uses it to develop cancer diagnostic blood tests and new drugs.
Procognia CEO Alon Natanson said, "The acquisition of the shares by a large institutional investor is a display of confidence in the company and its management."
Procognia shares fell 2.3% today to NIS 0.502.
Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2010
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