KadimaStem (TA: KDST) A leading company in the field of cell therapy, which is in the clinical development stages of groundbreaking products for the treatment of ALS and diabetes, has announced the raising of NIS 10 million from ILX Medical (TA: ILX) through a private placement. The raising was made at a price of NIS 4.26 per share (about 5% higher than the closing price on the eve of the board of directors). As part of the raising, Ilex Medical was granted a total of 1,407,130 options (60% coverage) in 2 series, at exercise prices of NIS 7 and 8.5 per share, and their exercise can increase the amount of raising to NIS 21 million. Tamar Galili, CEO of Ilex Medical, intends to join the board of directors of KadimaStem.
KadimaStem underwent a management change when a group of investors joined the company a few months ago following the appointment of the company’s chairman of the board, Ronen Toito. In the cellular therapy industry. Shiloni has served for over a decade in a variety of management positions at PeproTech, which develops solutions for the field. Under the new management, the company has raised over NIS 50 million since the beginning of 2021 at rising prices, which have strengthened the company’s ability to promote its products.
The current recruitment will be used by the company for the continued development and research of the company’s two leading products: AstroRx® for the treatment of ALS and IsletRx for the treatment of insulin-dependent diabetes. The investment will also be used to complete the preparations for the clinical trial and to further create strategic collaborations.
The recruitment joins the company’s string of successes over the past year, including a meeting with the FDA (INTERACT earlier this month regarding the company’s stem cell technology for treating diabetes, obtaining a patent for Japan’s diabetes treatment, and publishing a scientific paper in the prestigious Frontiers in Endocrinology magazine on advances in technology The company’s stem cells for diabetes treatment.
Assaf Shiloni, CEO of KadimaStem: “We are excited to receive the support of Ilex Medical – one of the most significant companies in Israel in the field, which is traded at a value of about one and a half billion shekels. This move attests to the development of KadimaStem and will help us advance both cellular therapy programs in diabetes and ALS. This is an important milestone and recognition from one of the significant bodies in Israel in the company and its management team. “
“Ilex Medical’s leading team has shown an impressive understanding of the field and a passion to support the advancement of advanced technologies to the clinic.
Ronen Toito, Chairman of the Board of Directors of KadimaStem: “The sequence of transactions over the past year demonstrates investors’ confidence in KadimaStem’s development, and indicates the market’s maturity for development in the field of cell therapy. Also getting a proper evaluation through professional analysis. As well as significant global collaborations for the company. “The recent transactions that the company has completed have strengthened KadimaStem’s equity, in a way that will allow the company to operate for listing on NASDAQ, and we thank Ilex Medical for their support and choice to become a strategic investor in our company.”
Tamar Galili, CEO of Ilex Medical “The investment in KadimaStem is part of the investment strategy stated by the company, and the diversification of the growth engines of Ilex Medical. This is a promising company in the field of cellular therapy. “We are confident that its new management will lead it on a path of accelerated growth, bringing solutions to patients and registering for trading on NASDAQ. This investment joins an investment in Starget Pharma, and the company’s decision to make significant investments.”