BioLight Announces Strategic Partnership to Significantly Expand Presence in China
Hong Kong-based Rock-One International Holdings Ltd to Invest $6.2M in BioLight
Companies to form China-based Joint Venture
Rock-One to be responsible for manufacturing, and regulatory activities within China
PR Newswire BioLight Life Sciences Investments Ltd.
TEL-AVIV, Israel, April 2, 2015 /PRNewswire/ -- BioLight Life Sciences Investments Ltd. (OTC: BLGTY, TASE: BOLT), a firm that invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics, announced today an agreement to enter into a strategic partnership with Rock-One International Holdings Ltd., a holding company specializing in investment activities, including in the high tech and biomedical industries. The agreement will help BioLight maximize its presence within the Chinese market, the second largest healthcare market in the world after the U.S.
"We are excited to enter into this strategic partnership with Rock-One. They have built an impressive manufacturing, distribution and sales presence in China that will enable BioLight to maximize sales of our products in the world's second largest economy," noted Susana Nahum Zilberberg, BioLight's Chief Executive Officer. "Rock-One has a history of successful international collaborations and vast experience and understanding of China's unique regulatory requirements. This partnership marks an important milestone for BioLight and should increase our global footprint significantly."
Under the terms of the agreement, BioLight will issue a private placement of ordinary shares to Rock-One, which will account for approximately 19% of BioLight's issued and outstanding shares following the private placement. Rock-One's equity investment will total approximately $6.2 million, a 12% premium over the average closing price of BioLight shares in the 30-days prior to signing the investment agreement.
As part of the strategic partnership, the parties will also form a Joint Venture. The newly formed JV will be fully financed by Rock-One and granted exclusive manufacturing rights for BioLight's products distributed within China. The JV will also promote collaboration between Chinese and Israeli academies to develop future products.
"We are pleased to enter into this strategic partnership with BioLight, a company with an established track record of developing and fostering innovation in medical technology. By combining Rock-One's track record of commercial experience with BioLight's portfolio of exciting healthcare products, we believe that our new joint venture is well-positioned for success in the Chinese market," said Patrick Lau, Founder and CEO of Rock-One.
The agreement is expected to close no later than 40 days from the execution of the agreement, subject to closing terms.
Rock-One International Holdings Ltd. is a Hong Kong corporation with offices in Hong Kong and Macau. The company is involved with different investments in Greater China and North America, including real-estate development and construction, internet technology, agriculture, healthcare and bio-med. Patrick Lau is the founder and CEO of the Company.
BioLight Life Sciences Investments invests in, manages and commercializes biomedical innovations grouped around defined medical conditions - ophthalmology and cancer diagnostics. The ophthalmic technologies include IOPtiMate™, a laser-based non-invasive surgical treatment for glaucoma; TeaRxTM, a point-of-care multi-parameter diagnostic test for dry-eye syndrome; Eye-D®, a controlled release drug-delivery insert platform and a new technology a drug-delivery platform for the improvement of ocular molecule transmission; and OphRx, a drug delivery technology platform for ocular uses. The cancer diagnostic activities include tests that are designated for bladder, cervical, multiple myeloma and other cancers.
Leading key investors, holding about 45% of BioLight's shares, are Mr. Israel Makov, Chairman of Sun Pharmaceuticals, former CEO and President of Teva Pharmaceuticals and former Chairman of Given Imaging, Mr. Dilip Shanghvi, founder of Sun Pharmaceuticals, India's largest pharmaceutical company, and Mr. Dan Oren, founder and CEO of Dexcel Pharma, the second-largest pharmaceutical manufacturer in Israel.
For more information please visit the Company's website at www.bio-light.co.il.
Itai Bar-Natan, CFO