Michael J. Fox-backed NeuroDerm eyes TASE IPO

The company, which develops patches to treat neurological diseases, graduated from the Ofakim Hi-Tech Ventures incubator.

Sources inform "Globes" that NeuroDerm Ltd., which is developing trans-dermal patches for the treatment of neurological diseases, is mulling an IPO on the Tel Aviv Stock Exchange (TASE).

The company, which graduated from the Ofakim Hi-Tech Ventures incubator, which is owned by Capital Point Ltd. (TASE:CPTP), wants to raise $30 million. Capital Point, which holds 22% of the company, has a market cap of NIS 42.4 million.

One of the most interesting features of NeuroDerm is its investors who include Michael Taub, the founder and CEO of Omrix until its sell to Johnson & Johnson for $438 million.

NeuroDerm has raised $60 million to date from both investors and grants. Last week, the company received $1 million from Hollywood actor Michael J. Fox's organization - the Michael J. Fox Foundation - one of the leading organizations worldwide supporting R&D in Parkinson's disease.

Published by Globes, Israel business news - www.globes-online.com - on October 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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