The company value for the IPO, which was cancelled, was set at $350 million.
Bio-informatics Israeli start-up Compugen is raising $35 million in a private placement, after scrapping plans to publicly issue the company on Nasdaq, following the crisis in the stock market a number of months ago.
The private placement is taking place at a company value of $150 million, after money. Prior to the crisis, the company value was set at $350 million for the IPO.
Participating in the private placement are current investors Israel Seed Partners of Jerusalem, the biggest shareholder in the company (17% before the current round), Clal Industries & Investments (15%), a US venture capital fund (13%), the Genesis fund of Israel (3%) and Evergreen (4%).
In the previous financing round at the end of last year, the company raised $15 million, at a company value of $55 million, after money. Compugen's plans for an IPO have not been abandoned, and the company will apparently submit a prospectus in the next few days.
See also: Putting Israel on the Human Genome Map
Published by Israel's Business Arena on 11 July, 2000