Biocancell sets price range for Nasdaq offering

The cancer treatment developer seeks to raise a gross NIS 15.8-19 million.

Cancer treatment developer Biocancell Therapeutics Ltd. (TASE:BICL) today disclosed the price range for its planned offering on Nasdaq. On Friday, the company obtained telephone permission from the US Securities and Exchange Commission (SEC), to offer up to 4,869,570 shares at NIS 3.25 per share as well as two series of warrants. Each unit will comprise ten shares and ten warrants.

The range of prices for the offering is NIS 3.25-3.90 per share, resulting in gross proceeds of NIS 15.8-19 million for the offering.

Biocancell's share price fell 6.4% today to NIS 3.05, giving a market cap of NIS 67 million.

Published by Globes [online], Israel business news - - on November 14, 2010

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

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