Hadasit Bio Holdings Ltd. (TASE:HDST) today announced that portfolio company TK Signal Ltd. raised $1.3 million form London investors at a company value of $10 million, before money. Hadasit Bio owns 28.43% of TK Signal.
In March, “Globes” reported that TK Signal was holding a pre-IPO process for raising ₤1.6 million, and that it planned to go public on London’s Alternative Investment Market (AIM) within 18 months. The company has now raised money from UK institutions, but it is not listed for trading. The money raised in the present round is part of the company’s pre-IPO process.
TK Signal develops molecules designed to trace cancerous tumors, which can then be isolated from healthy cells for diagnostic purposes or treatment. TK-Signal cofounder and CTO Dr. Eyal Mishani developed the molecule at his laboratory at the Hebrew University of Jerusalem. The company’s products target the epidermal growth factor receptor (EGFR), which accelerates the development and reproduction of cancer cells. It can therefore be used to accurately map malignant tumors through a non-invasive simulation. TK Signal has developed a series of radio-pharmaceutical tracers, each of which identifies a different type of cancer.
TK Signal’s shareholders are Hadasit Bio, ProSeed Venture Capital Fund (TASE:PRSD), Yozma Venture Capital, Ofer Hi Tech Ltd., Rotem Industries Ltd. and private investors.
TK Signal CEO Dana Cohen said, “The money raised is intended to enable the company to complete pre-clinical trials of its first product, and move onto human trials scheduled for late 2006. Meanwhile, TK Signal has initiated negotiations with health authorities, including the US Food and Drug Administration (FDA) and Israel’s Ministry of Health, for the necessary permits for human trials.”
Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2006
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