KadimaStem raises 10 million from Ilix Medical

by time news

KadimaStem, a 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 Ilex Medical through a private placement of shares. The raising was made at a price of NIS 4.26 per share, about 5% higher than the closing price. As part of the raising, Ilex Medical was granted a total of 1,407,130 options 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 KadimaStem.

The current recruitment will be used by the company for the further 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 earlier this month regarding the company’s stem cell technology to treat diabetes, obtaining a patent for Japan’s diabetes treatment, and publishing a scientific paper in the prestigious Frontiers in Endocrinology magazine on advances in stem cell technology. The Diabetes Treatment Society.

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. Immigrants who have strengthened the company’s ability to promote its products.

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Ronen Toito, Chairman of the Board of Directors of KadimaStem: “The sequence of transactions over the past year demonstrates the confidence of investors in the development of KadimaStem, and indicates the market maturity for development in the field of cellular therapy. In addition, the company’s board of directors has decided to act for listing on NASDAQ, such a move will allow the company and its technology platform exposure to American and institutional investors in the field, as well as receive a proper evaluation through professional analysis. “In a way that will allow the company to act for registration on the NASDAQ, and we thank Ilex Medical for their support and choice to become a strategic investor in our company.”

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