Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT; Bulletin Board: BLGTY) is continuing to raise money. This morning, the drug development company announced that Meitav DS Holdings Ltd. (TASE:MTDS) is investing in the company to become a party at interest. The investment expands Bio-Light's private placement, following investments by The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) and its subsidiary, Excellence Investments Ltd. (TASE: EXCE), to NIS 20.5 million.
Bio-Light will allocate 27.9 million shares to Meitav-DS at NIS 0.215 per share for a total of NIS 6 million. It will also allocate 27.9 million warrants, convertible into the same number of shares through December 31, 2016, at a strike price of NIS 0.37 per share. In addition to the immediate investment, if the warrants are exercised in full, Bio-Light will receive an additional NIS 10.3 million.
Meitav-DS's investment is an expansion of Bio-Light's private placements with Phoenix and Excellence, which were allocated 67,443,000 shares for NIS 14.5 million, plus 67,443,000 warrants convertible into the same number of shares. If the the warrants are exercised in full, Bio-Light will receive an additional NIS 25 million.
The successful private placements follow Bio-Light's public offering of shares and warrants, in which it raised NIS 19 million earlier this month. If the warrants are exercised in full, Bio-Light will receive an additional NIS 26.8 million. Bio-Light chairman Israel Makov and Dilip Shanghvi, managing director of Indian company Sun Pharmaceutical Industries Ltd. (BSE: 524715), and Dan Oren, all of whom are parties at interest in the Bio-Light, invested NIS 10.5 million altogether in the equity round, maintaining their stakes in the company.
"Expanding the company's capital base will enable it to focus on realizing its unique strategy and create value for its shareholders," said Bio-Light CEO Suzana Nahum-Zilberberg.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2014
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