Biotechnology company Aposense Ltd. has raised $3 million from Ziegler Meditech Equity Partners LP and Pontifax Fund, ahead of Aposense's IPO on the Tel Aviv Stock Exchange (TASE). Both funds invested in the company in 2006. Pontifax, founded by former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) chairman Eli Hurvitz, invested $1 million, and Ziegler Meditech invested $2 million.
Assuming that Aposense will hold its IPO at a company value of up to $265 million, the present financing round will be calculated at a valuation of $225 million. If the company value is higher, then Ziegler Meditech and Pontifax will invest at a 15% discount to the company's valuation in the IPO. This means that the minimum expected valuation for the IPO is $225 million. Aposense plans to raise $20 million in the IPO.
Aposense is developing molecular imaging techniques and drugs based on apoptosis (programmed cell death) to create personalized patient care for oncology, cardiology and neurology.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010