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BioCanCell signs $25m private placement term sheet

bio, biotech, lab, microscope, medicine
bio, biotech, lab, microscope, medicine
23 Jan, 2018 11:09
שלח תגובה במיילGlobes correspondent

The company plans to hold an offering in the US.

BioCanCell Therapeutics Ltd. (TASE:BICL), which researches and develops cancer drugs, today announced that it had signed a term sheet for a $25 million private investment in the company. The share price for the investment reflects a company value of $51 million, before money (fully diluted). BioCanCell is also planning an offering on a US stock exchange.

The company plans to use the proceeds from the private placement for its operational needs in the near future, mainly the beginning of pivotal clinical trials for its flagship product, BC-819, as a treatment for non-muscle invasive bladder cancer (NMIBC). At the same time, BioCanCell is in touch with several concerns concerning strategic cooperation for the BC-819 product.

Under the term sheet, the investment will be at a share price of NIS 1.60, 14% higher than the market price. The leading investor is expected to invest at least $7 million from his own sources, and is entitled to add $8 million from additional investors acceptable to the company. BioCanCell's existing investors will invest at least $5 million, and other new investors are expected to invest up to $5 million.

The term sheet states that the investors will receive options for the purchase of additional shares in BioCanCell amounting to 80% of the number of shares allocated at an exercise price of 120% of the price for the allocated shares. The investors will be granted price protection and other rights.

Completion of the private placement is contingent on the signing of a final agreement between the parties, approval by a general shareholders meeting, and approval by the Tel Aviv Stock Exchange (TASE). The allocated shares will constitute 36% of the company's share capital after the private placement.

BioCanCell recently published updated results of a Phase II clinical trial of BC-819 combined with BCG (the existing treatment) for bladder cancer, and is preparing for two pivotal trials: one for a combination of BC-819 with BCG and the other with only BC-819.

Published by Globes [online], Israel Business News - www.globes-online.com - on January 23, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

bio, biotech, lab, microscope, medicine
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