ProCognia raises NIS 43m in TASE IPO

The company has licensing agreements with Teva and Bristol-Myers Squibb.

Biotechnology company ProCognia (Israel) Ltd. has raised NIS 43 million in its IPO on the Tel Aviv Stock Exchange (TASE) at a company value of NIS 124 million.

ProCognia issued 7.2 million shares at NIS 6 per share, and 7.2 million warrants exercisable at NIS 7.80 per share through 2011. The company will make NIS 56 million when the warrants are exercised.

ProCognia (Israel) is a subsidiary of ProCognia Ltd. a UK company founded in 2002. The company develops glycoanalysis and protein function arrays products and technologies. The company has launched two products: the GlycoScope for drug development, and the Qproteome GlycoArray for the life sciences market. The company has two licensing agreements for the GlycoScope with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Bristol-Myers Squibb Co. (NYSE:BMY).

ProCognia’s main shareholders are Apax Partners, Evergreen Venture Partners, Star Ventures, Vitalife Life Sciences Venture, Koor Corporate Venture Capital, and Gamida for Life BV.

Published by Globes [online], Israel business news - www.globes.co.il - on March 7, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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