Drug development company Aposense Ltd. yesterday completed its IPO on the Tel Aviv Stock Exchange (TASE) with a resounding success. The company raised a gross NIS 94 million at a company value of over NIS 900 million, after money.
Aposense develops molecular imaging techniques and drugs based on apoptosis (programmed cell death) to create personalized patient care in areas, such as oncology, cardiology and neurology. Eli Hurvitz is the company's chairman.
As recently as May 17, when Aposense began the IPO process, it planned to raise NIS 20 million at a company value of NIS 200 million. It subsequently raised the planned offering to NIS 75 million. The final amount raised was even higher, as the offering of shares and warrants was oversubscribed.
Aposense raised NIS 64 million in the institutional tender of the IPO. Major investors bought units, including Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), Psagot Investment House Ltd., Meitav Investment House Ltd., and Amitim Ltd. (the eight nationalized old pension funds). Aposense also raised NIS 30 million in a private placement to Bank Leumi (TASE: LUMI) investment arm Leumi Partners Ltd. and Aposense's current shareholders, Pontifax Fund and Ziegler Meditech Equity Partners LP.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2010
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