Exalenz Bioscience raises NIS 22m in rights offer

Exalenz Bioscience Ltd. (TASE:EXEN) has raised NIS 22.1 million in a rights offering. All the company's shareholders participated, including Hadasit - the Technology Transfer Company of Hadassah Medical Organization and Moshe (Mori) Arkin.

Exalenz's BreathID diagnostic kit is a breath-testing platform for liver and gastroenterology diseases.

Exalenz CEO Steven Eitan said, "The success of the rights issue demonstrates the shareholders' confidence in the company's potential. The issue will meet the company's need for investment in the launch of its Helicobacter pylori bacteria diagnostic kit by the end of 2009. The issue should also meet the company's needs in 2010 while it seeks to obtain regulatory approval for its diagnostic kits for testing liver impairement."

Exalenz had NIS 17 million in cash at the end of 2008 and no debts or bank loans beyond current credit.

Exalenz's share rose 8.6% by early afternoon today to NIS 0.68.

Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2009

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