Clal Biotechnology Industries Ltd. (TASE: CBI) has injected NIS 15.7 million into D-Pharm Ltd. (TASE: DPRM) through the exercise of 900,000 warrants.
Clal Biotech then sold, in an off-floor deal, 600,000 D-Pharm shares and 150,000 options to a third party, whose identity it did not disclose, for NIS 14.2 million. Clal Biotech now owns 46% of D-Pharm.
D-Pharm will use the proceeds to finance the Phase II clinical trial of its DP-VPA treatment for migraines, manic depression, and epilepsy, and to continue the Phase III clinical trial of its Dp-b99 treatment for strokes.
Clal Biotech is the life sciences investment arm of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman Nochi Dankner. It is Israel's largest active life sciences investment company.
D-Pharm's share price fell 1.1% in morning trading today to NIS 21.06, giving a market cap of NIS 442 million. Clal Biotech's share price fell 3.5% to NIS 19.40, giving a market cap of NIS 1.94 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010
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