Short exposure of cancerous cells to the Israeli company's NT219 drug is sufficient to trigger irreversible shutdown of cancer pathways.
Israeli biopharmaceutical drug development company Kitov Pharma Ltd. (Nasdaq: KTOV; TASE: KTOV) has announced that it is raising $6 million in a private placement wth institutional investors. The company, led by CEO Isaac Israel, is taking advantage of the huge recent rise in its share price, which rose 170% on Tuesday on Nasdaq.
The jump followed the publication of data earlier this week showing that even short exposure of cancerous cells to Kitov's NT219 drug was sufficient to trigger irreversible shutdown of cancer pathways, resulting in a long-term anti-cancer effect.
Kitov's share price fell 42% on Nasdaq yesterday following the announcement of the private placement in which H.C. Wainwright & Co. is acting as the exclusive placement agent. Announcement of the private placement came after the end of trading on the TASE where the share rose 34% yesterday, closing the gap with Nasdaq.
Published by Globes, Israel business news - en.globes.co.il - on January 17, 2019
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Isaac Israel photo: PR