BioCancell completes institutional tender

Biocancell Therapeutics Ltd., which is developing a new cancer treatment, successfully closed the institutional tender in advance of its IPO on the Tel Aviv Stock Exchange (TASE). The company obtained commitments for 63% of the offering at the maximum price. The company offered institutions half of the offering in the tender. The underwriters for the IPO will be Clal Finance Underwriting, Altshuler Shacham Management Underwriters & Investments Ltd., Leader Underwriters (1993) Ltd., and Leumi & Co. Investment House Ltd.

BioCancell was founded by Professor Avraham Hochberg, of the Hebrew University of Jerusalem and the technology was licensed from Yissum Technology Transfer Company of the Hebrew University of Jerusalem. Yissum was the first investor in the company and currently holds a 36% stake. The rest of the finance came from private investors. BioCancell has raised $3.3 million to date.

BioCancell is currently in Phase I clinical trials for approval by the US Food and Drug Administration (FDA). With cancer treatments, the first trial is not usually conducted on healthy participants, but begins directly on cancer patients, that is to say, it bypassed clinical trial Phase I and proceeded directly to Phase IIa. The company said several months ago that it needed $6-9 million to complete Phase II for treatment of bladder cancer

Published by Globes [online], Israel business news - www.globes.co.il - on August 2, 2006