Israeli drug development company Advanced Inhalation Therapies (AIT) has submitted a revised draft prospectus for its imminent IPO on Nasdaq. The company, which develops products for the treatment of respiratory infections, plans to raise $12 million gross ($8.5-9 million net).
Joseph Gunnar & Co. is the underwriter for the offering, replacing Aegis. The company share will be traded on the secondary Nasdaq index under the AIT ticker symbol at a company value of $35 million. AIT will offer 675,000 units at $15 a unit, with each unit consisting of two ordinary shares and three options exercisable at 125% of the price of an ordinary share in the offering.
Shareholders to take part in the offering
The company says that some of the existing shareholders and members of the company board of directors plan to spend $500,000 on buying units in the offering.
Founded in 2011, AIT has four products. The product in the most advanced development stage, for the treatment of cystic fibrosis, has been granted orphan drug status by the authorities in the US and Europe. The company also has products for the treatment of bronchiolitis, pneumonia, and asthma.
AIT plans to use the proceeds from its IPO to pay for clinical trials of its various products, develop a special system for hospitals, and exercise options for acquiring patents.
AIT's CEO is former Rosetta Green CEO Amir Avniel, and its active chairman is former Keryx Biopharmaceuticals CEO Ron Bentsur. AIT's founders are CSO Prof. Yossef Av-Gay, a member of the Faculty of Medicine Division of Infectious Diseases at the University of British Columbia; medical director Prof. David Greenberg, director of Pediatric Infectious Disease Unit at Soroka University Medical Center; and Avniel. Before the IPO, the company's largest shareholders were Roni and Ari Raved, the latter a former senior VP at IDB Development Corporation Ltd. (TASE:IDBD), with a 22.9% stake. Avniel holds 14.3% and Av-Gay 17.4%. Other shareholders include Mor Research Applications, the applications arm of Clalit Health Services, with 14.6%; Greenberg, with 14.3%; and Enrique Derzavich with 10.2%. Bentsur owns 0.4% of the shares. Former Given Imaging CEO Nachum Shamir, appointed an AIT director three months ago, owns 0.7%.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2016
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