About a week after raising NIS 8.6 million in stocks and warrants, Biotechnology company Can-Fite BioPharma Ltd. (TASE:CFBI) raised an additional NIS 7.1 million in the stock and warrants offering.
Can-Fite raised NIS 15.7 million altogether this month from the public, in what was the first share offering on the Tel Aviv Stock Exchange (TASE) this year. Can-Fite took advantage of recent stock market strength. The offer was led by Clal Finance Underwriting.
The current offering was at the same NIS 0.80 price per share as the earlier one. The exercise price for the Series 4 warrants is NIS 1.25, and can be exercised until January 2010. Another tranche of warrants, Series 5, was offered as well with an exercise price of NIS 3, and can be exercised until March 31, 2012.
Can-Fite CEO Prof. Pnina Fishman said, "With the completion of raising the full amount we intended to, I am sure we will be able to continue to develop our products in line with our business plan."
The offer was oversubscribed by NIS 22 million.
Can-Fite trades around NIS 0.77 per share.
Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2009
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