Shares in Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) fell 10.2% yesterday and a further 5.2% by mid-afternoon today to NIS 0.475, giving a market cap of NIS 36 million, following the low price in the company's secondary offering.
On Monday, the company announced that it planned to raise NIS 5 million at NIS 0.55 per share, a 1.4% discount on the share price at the time. The offering package included options at no extra cost. Brack Capital Underwriting Ltd. led the offering.
Biolight today announced that the offering was a success, raising NIS 5.1 million. Orders in the tender were 150% above the number of units offered, and the price was closed at NIS 503 per unit, above the minimum price of NIS 495 per unit. The price in the offering reflects a price per share of NIS 0.56.
Biolight will use proceeds from the offering to finance the activities of its portfolio companies. Biolight, run by CEO Dr. Ami Eyal, is a biomedical holding companies. It owns 91.3% of OBEcure Ltd., which is developing an obesity treatment; 87% of IOptima Ltd., which is developinf a laser device for the treatment of glaucoma; and 100% of Zetiq Technologies Ltd., which is developing cancer diagnostic kits. Zetiq has set up a subsidiary in the US, C-Detect Diagnostics Inc., whose planned IPO on Wall Street has been suspended.
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2010
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