Bio-Light unit Zetiq to list in New York

The public offering by the cancer detection device company is part of a $4-5 million funding drive.

Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) portfolio company Zetiq Technologies Ltd. plans to raise $4-5 million in New York from US funds, and will list shares on a US stock exchange.

Zetiq will list shares of a subsidiary that it will establish in the US for this purpose. The subsidiary will receive all the US commercialization rights to Zetiq's cancer cell detection technology. The company believes that it will complete the offering during the first quarter of 2010.

Zetiq CEO Dr. Adi Elkeles said, "The planned offering, as well as the establishment of the US subsidiary, will enable the completion of the company's first product line for the early analysis and diagnosis of cervical cancer, as well as the establishment of marketing channels and strategic partnerships in the US."

Biolight CEO Dr. Ami Eyal added, "The offering follows Zetiq's agreement with China's Biomics. Together, they will enable the company to speed up its manufacturing and marketing networks. Zetiq has proprietary diagnostic kits for several types of cancers, and this offering will enable us to better penetrate the US and other markets."

Zetiq has developed a method for diagnosing cancer cells, which enables faster identification of them compared with regular cells. Current diagnosis is based on a scientific evaluation of the shape of cancer cells. Zetiq's first kit, the CellDetect, can more accurately identify early-stage cervical cancer, compared with current diagnostic methods. The company is also developing an early-stage bladder cancer kit, based on identifying cancer cells shed in the patient's urine. The kit will save the need for invasive diagnostic techniques.

Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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