Even before its expected IPO in Tel Aviv, biomed company Aposense continues to add to its cash. After raising $3 million last week from Pontifax and Ziegler Meditech Equity Partners, the company is now raising NIS 18.5 million from Leumi Partners Underwriters, which is also an underwriter for the flotation alongside Menorah Mivtachim Underwriters and Management, Excellence Nessuah Underwriting, and Meitav Issuing and Finance.
Under the investment agreement, Leumi Partners will buy Aposense shares and warrants at the lowest price obtained in the flotation that the company accepts, with the proviso that Leumi Partners will not pay more than NIS 35 per share.
Assuming that the IPO price is NIS 31.5, Leumi will be allotted 595,000 shares and 446,000 warrants from two series. Leumi Partners' investment is conditional upon completion of the IPO and upon it raising at least NIS 45 million. The shares it receives will be blocked for one year after the IPO.
Aposense has developed a molecule that targets cells undergoing the process of apoptosis (programmed cell death), on the basis of which it developing clinical imaging and targeted therapy products.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
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