Followers | 144 |
Posts | 27707 |
Boards Moderated | 3 |
Alias Born | 02/07/2004 |
Monday, July 10, 2017 8:26:14 AM
TEL AVIV, ISRAEL / ACCESSWIRE / July 10 2017 / Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the "Company") announced today, in further to its announcements dated March 8 and June 19, 2017, that it was informed by Gamida Cell Ltd. ("Gamida"), an indirect associate of the Company, regarding the following:
An approximately $40 million private financing investment has been completed ("the Investment").
The Investment was led by Shavit Capital Fund joined by the pharmaceutical company Novartis and additional investors, including VMS Investment Group, Israel Biotech Fund, IHCV and Clal Biotechnology Industries (the "Investors").
Following the Investment, preferred shares were allotted to the Investors, based on $120 million pre-money valuation to Gamida Cell (the "Allotted Shares").
In addition, the investors received options to preferred shares in the amount of 60% of the Allotted Shares. The exercise price of the options is 120% of the shares price which has been paid on the Investment closing date. The options will expire 5 years after the Investment closing date.
The Company's subsidiary, Elbit Medical Technologies Ltd. (TASE:EMTC-M) (89.7% and 86.1% on a fully diluted basis), ("Elbit Medical") didn't take part in the Investment. Following the closing of the Investment, Elbit Medical holds approximately 17.87% of the share capital in Gamida (13.63% on a fully diluted basis). As of the date herein, there is no certainty that the Investors will exercise their options.
Gamida informed the Company that the Investment proceeds will be used to complete Nicord ©'s Phase III clinical trial and to prepare for product commercialization by expanding its in-house manufacturing capacity, expanding Gamida's presence in the US, as well as continuing to develop additional pipeline products.
Gamida Cell has commenced Phase III trial of NiCord© for patients with blood cancer and Lymphoma Cancer. NiCord© has an FDA Breakthrough Therapy Designation as well as FDA and EMA orphan drug designations. In addition, Gamida Cell is conducting a Phase II trial for patients with hematological diseases such as sickle cell disease.
As of today, NiCord© is in a clinical stage of development and there is no certainty that it will be marketed on a commercial basis.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM