Cancer treatment developer CureTech has raised $4 million in a rights issue, including $2.6 million from Clal Biotechnology Industries.
Cancer treatment developer CureTech Ltd. has raised $4 million in a rights issue, including $2.6 million from Clal Biotechnology Industries Ltd. (TASE: CBI), and $1.2 million from Clal Venture Capital Ltd., a unit of Clal Biotech's parent company Clal Industries and Investments Ltd. (TASE: CII).
The rights issue was held at a company value of $75 million, before money, for CureTech. Clal Biotech owns 53% of the company.
Until six months ago, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) was a shareholder in CureTech and the companies had a cooperation agreement, but Teva decided to forego CureTech's product. Clal Biotech says that there are talks for collaboration with foreign pharmaceutical companies.
Published by Globes [online], Israel business news - www.globes-online.com - on September 17, 2013
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