ProCognia (Israel) Ltd. (TASE:PRCG) notified the Tel Aviv Stock Exchange (TASE) that its parent company, Procognia Ltd., of the UK has signed a non-binding letter of intent to sell its stake in the company to a third party, whose name has not been disclosed. Procognia said that teh buyer operates in the same field. The company also did not disclose any details about the proposed sale, such as the price for the shares and warrants.
Procognia Israel's share rose 10.4% by midday today to NIS 0.81, giving a market cap of NIS 23 million.
Procognia UK owns 49.22% of Procognia Israel. The largest shareholder in Procognia UK is Apax Partners. Evergreen Venture Partners and Koor Industries Ltd. (TASE:KOR) also own stakes in it.
Procognia Israel was founded in 2000 and held its IPO in 2007. The company is developing proprietary technology for analyzing blood glucose structures in order to develop better cancer treatments.
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2010
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