Biocancell develops targeted therapy to destroy cancer cells.
Clal Biotechnology Industries Ltd. (TASE: CBI) today announced that it will buy an additional 5.24% of Biocancell Therapeutics Ltd. (TASE:BICL), increasing its stake in the company to 26.92%.
Clal Biotechnology will pay NIS 3.50 per share, an 18.4% premium on Biocancell's opening price on Monday of NIS 2.90, giving a market cap of NIS 38 million.
Biocancell is developing a targeted therapy to destroy cancer cells. The company's flagship drug, BC-819, is due to begin Phase IIb clinical trials on treating pancreas and bladder cancer this year, and complete them by year-end.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008