Nochi Dankner's life sciences investment arm Clal Biotechnology Industries Ltd. (TASE: CBI) today published its financial report for the third quarter of 2009. The company posted a net profit attributable to shareholders of NIS 19 million (NIS 0.22 per share), compared with a net loss attributable to shareholders of NIS 10 million (NIS 0.12 per share) for the corresponding quarter of 2008.
Net profit was NIS 14.9 million for the third quarter compared with a net loss of NIS 11.5 million for the corresponding quarter.
Revenue rose 85% to NIS 43.4 million for the third quarter from NIS 23.4 million for the corresponding quarter.
Clal Biotech had NIS 239 million in cash and cash equivalents at the end of September, up from NIS 181.6 million a year earlier.
Clal Biotech CEO Ruben Krupik said, "The quarterly business resuls show excellent achievements at all levels of business: R&D, clinical trials, business development, and business results. The best achievement was the successful completion of a Phase III clinical trial by MediWound Ltd. - a rare achievement in Israel. Clal Biotech also showed good progress in creating value and promoting its business goals.
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner, unit Clal Industries and Investments Ltd. (TASE: CII) owns 63.6% of Clal Biotech, and Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) owns 14.8%. Clal Biotech's share rose 0.7% by early afternoon on the TASE to NIS 12.30, giving a market cap of NIS 1.1 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2009
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