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Israel’s Aposense in successful IPO
Posted By ISRAEL21c Staff On August 8, 2010 @ 10:08 am In | No Comments
Israel’s drug development company Aposense completed its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange in June with resounding success. The company raised a gross $25 m. at a company value of about $238 m., after money.
Aposense develops molecular imaging techniques and drugs based on apoptosis (programmed cell death) to create personalized patient care in areas such as oncology, cardiology and neurology. Eli Hurvitz, former CEO of Teva Pharmaceuticals, is the company’s chairman.
As recently as May 17, when Aposense began the IPO process, it planned to raise $5 m. at a company value of about $53 m. It subsequently raised the planned offering to $20 m. The final amount raised was even higher, as the offering of shares and warrants was oversubscribed.
Aposense raised about $17 m. in the institutional tender of the IPO, when major investors bought units, Israel’s eight nationalized pension funds among them.
Aposense also raised about $8 m. in a private placement to Bank Leumi investment arm Leumi Partners and Aposense’s current shareholders, Pontifax Fund and Ziegler Meditech Equity Partners LP.
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