Brainsway Ltd. (TASE:BRIN) has raised NIS 16 million from an allotment of shares and warrants to a group of investors led by Shavit Capital Fund LP, a private equity fund that invests in late-stage companies. Brainsway allotted 532,382 shares and warrants exercisable for 532,382 shares, 4.3% of its share capital, at a price of NIS 30 per unit of one share and one warrant.
Brainsway has the right to raise up to an additional NIS 3.75 million within two weeks from additional investors to be determined by the company.
Shavit Capital managing director Gary Leibler said, "Brainsway recently published excellent results of a clinical trial of its treatment for serious depression, and we expect further progress toward obtaining US Food and Drug Administration (FDA) approval. We believe that the company, led by its strong management team, is well positioned to penetrate the market and become a leader in its field. This is already indicated by the strong interest in the company in markets outside the US."
Brainsway's share price fell 1.4% by midday to NIS 29.37, giving a market cap of NIS 352 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2012
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