Clal Biotechnology Industries Ltd. (TASE: CBI), the life sciences investment arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), will more than double its stake in oncology company Biocancell Therapeutics Ltd. (TASE:BICL), as part of Biocancell's private placement of 11,144,400 shares at NIS 1 per share. Biocancell will raise a gross NIS 11.14 million (about $3 million) in the placement.
Clal Biotech will be allotted 8,199,400 Biocancell shares for NIS 8.2 million (about $2.2 million), increasing its stake in Biocancell from 14.37% to 31.64%. Other parties in the private placement are Biocancell chief scientistProf. Avraham Hochberg and Tikcro Technologies Ltd. (Bulletin Board: TKCRF).
Biocancell's share price was unchanged by midday at NIS 1.25, giving a market cap of NIS 33.5 million, and Clal Biotech's share price rose 1.8% to NIS 20.94, giving a market cap of NIS 2.1 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2011
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