Sources inform ''Globes'' that Pharma Two B Ltd. has decided to postpone a planned IPO on the Tel Aviv Stock Exchange (TASE), following a similar decision by another biomed company, Check Cap Ltd..
Pharma Two B, run by CEO Dr. Nurit Livnah, develops new uses for existing approved drugs, and registers the drugs for new indications through the US Food and Drug Administration's (FDA) abbreviated 5052B procedure, from which the company's name is derived.
Pharma Two B planned to become a public company in a few days. It planned to raise $14 million at a company value of $50 million. The company had NIS 1.1 million in sales in the first half of 2010, and had NIS 677,000 in cash at the end of June.
Pharma Two B planned to use proceeds from the IPO to finance R&D on drugs in its pipeline, including a treatment for Parkinson's disease, which is being readied for human clinical trials, and three combinations for the treatment of pancreatic, lung and breast cancer, which are in the preclinical trials stage.
Pharma Two B was founded by former executives of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Makhteshim Agan Industries Ltd. (TASE: MAIN).
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010