Biopharmaceutical drug development company Kamada Ltd. (TASE: KMDA) is continuing to raise capital. Yesterday, the company signed agreements with ten investors, including three institutional investors, for a private placement of NIS 39.45 million.
Kamada will issue 3.6 million tradable ordinary shares and 1.4 million non-tradable warrants convertible into the same number of shares, fully diluted. The shares and warrants amount to 1.69% of Kamada's share capital. Kamada's market cap is NIS 349.3 million, which means that the value of the shares and warrants is NIS 5.9 million.
Within 15 minutes of the opening today, trading volume in the share was 73.5% of its average daily turnover. The share rose 0.7% by early afternoon today to NIS 19.98.
Kamada raised NIS 35 million in a private placement of shares earlier this month.
Kamada chairman Ralf Hahn owns 25.28% of the company, Leon Recanati owns 13.96% through GlenRock Israel, and UDT Med Holdings LLC owns 6.43%.
Kamada had NIS 50.2 million in cash at the end of 2008. Its cash flow from regular operations was NIS 46.5 million last year. The share has risen over 322% since the beginning of the year.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2009
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