The move is a vote of confidence in the firm after the clinical trial failure by portfolio company OBEcure.
Two Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) founders, CSO Dr. Gal Ehrlich and VP strategy and business development Ronit Gross, have expressed their confidence in the company following the failure of the flagship obesity drug by portfolio company OBEcure Ltd.
Gross has bought Bio-Light shares for NIS 22,000, increasing her stake in the company to 9.2%, and Ehrlich has bought shares for NIS 20,000, increasing his stake to 9.3%. Before the purchases, each of them owned shares worth NIS 7.8 million. The latest purchases came after Gross and Ehrlich, and two other founders, CEO Dr. Ami Eyal and COO Richard Naimer bought shares immediately after the results of the OBEcure test were released.
Bio-Light rose 9.7% yesterday, after falling 57% since the beginning of August following the results of OBEcure clinical trial.
Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007
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