Vaxil Bio is developing a new class of vaccines for multiple myeloma and tuberculosis.
The share price of Vaxil Biotherapeutics Ltd. (TASE: VAXL-M) rose 22.3% in morning trading today to NIS 1.40, giving a market cap of NIS 19 million, after announcing that its board of directors had approved an allotment of 15% of the company's shares to a Moscow-registered company owned by Sergei Eroshenko, who has Russian citizenship, and an Israeli, for $2 million. Vaxil Bio is developing a new class of synthetic therapeutic and preventive vaccines for multiple myeloma and tuberculosis.
Eroshenko will pay $1.7 million for 85% of the allotment, and the Israeli investor will receive 15%. They will have the right to appoint a director to Vaxil's board of directors.
A condition of the deal is Tel Aviv Stock Exchange (TASE) approval to list the shares allocated to the investors for trading. The shares will be held in trust until July 3.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2014
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