The $3.6 million placement was led by Nasdaq-listed Tikro Technologies.
Clal Biotechnology Industries Ltd. (TASE: CBI) subsidiary Biocancell Therapeutics Ltd. (TASE:BICL) has raised $3.65 million in a private placement led by Tikcro Technologies (Nasdaq: TIKRF.OB). Tikcro, formerly a spin-off of Orckit Communications (Nasdaq: ORCT; TASE: ORCT) invested $2.5 million, with CBI and the Provident Fund of the Employees of the Hebrew University of Jerusalem provided the rest. Tikcro has a market cap on Nasdaq of $6 million.
Biocancell said the proceeds would be used to finance three clinical trials with its molecule BC-819. One is a Phase IIb trial at seven centers in Israel and in the US for the treatment of intermediate-risk superficial bladder cancer. The second is a multi center Phase I/IIa clinical trial for the treatment of pancreatic cancer, and the third is a multi center Phase I/IIa clinical trial for the treatment of ovarian cancer.
Biocancell's share fell 1.5% in afternoon trading on the Tel Aviv Stock Exchange (TASE), while CBI added 0.14%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2008
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