BioLight Announces Joint Investment in IOPtima Subsidiary
PR Newswire BioLight Life Sciences Investments Ltd
TEL-AVIV, Israel, November 25, 2015 /PRNewswire/ --
BioLight Life Sciences Investments (OTCQX: BLGTY, TASE: BOLT) ("BioLight" or the "Company"), a company focused primarily on the discovery, development and commercialization of breakthrough ophthalmic diagnostics and therapeutics, announced today that it has entered into a joint financing agreement (the "Agreement") with two Asia-based venture capital firms (the "New Investors"), pursuant to which BioLight and the New Investors will make a direct equity investment in BioLight's IOPtima Ltd. subsidiary ("IOPtima") via a private placement. The financing will help IOPtima to continue the global commercialization of its innovative IOPtimate™ system used in the treatment of glaucoma, as well as to initiate a regulatory approval pathway process for the IOPtimate™ system with the U.S. Food and Drug Administration, commencing 2016.
Under the terms of the agreement, the New Investors and BioLight will invest an aggregate amount of US$6.0 million and US$1.2 million, respectively. The investments are being made on the basis of a US$13.5 million pre-money valuation for IOPtima. Upon completion of the private placement, BioLight will hold approximately 71% of IOPtima's issued and outstanding shares. The Agreement also stipulates that the New Investors will have the right to trigger a "drag along mechanism" and other protective provisions if IOPtima fails to reach certain pre-stipulated revenue and regulatory milestones. The private placement is expected to close within the next few weeks, subject to standard closing terms.
IOPtima is a developer of minimally invasive surgical ophthalmic devices. The company's flagship product, IOPtiMateTM, is based on CO2 laser technology that enables the performance of a unique filtration surgery to treat glaucoma without penetrating the inner part of the eyeball. The IOPtiMate procedure provides high efficacy and allows for substantial reductions in post-operative complications and use of eye drops compared with alternatives. Recent marketing efforts by IOPtima have resulted in first sales of IOPtiMate™ in Hong Kong, Poland, Hungary, Romania and Peru, with distribution agreements also being negotiated in additional countries.
"We are excited to have signed this IOPtima financing deal, which will allow us to secure the financial resources needed to maximize IOPtima™'s commercial potential," commented BioLight's Chief Executive Officer, Suzana Nahum Zilberberg. "Interest in IOPtiMate™ and its clinical benefits continues to spread amongst clinicians, patients and payers around the world, and this investment will allow us to continue to drive global awareness and commercialization of this innovative surgical system."
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
About BioLight Life Sciences Ltd.
BioLight's ophthalmic product offering and pipeline of product candidates include IOPtiMate™, a laser-based non-invasive surgical treatment for glaucoma; TeaRx™, a point-of-care multi-parameter diagnostic test for dry eye syndrome; Eye-D®, a controlled release drug-delivery insert platform and OphRx's LLC, a non-invasive topical drug delivery technology administered through eye drops as an alternative to the current ocular delivery modalities; BioLight has also invested in biomedical innovations in cancer diagnostics, including proprietary tests that are designated for bladder, cervical, multiple myeloma and other cancers.
Leading key investors 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 and Rock-One, an Hong Kong-based investment company.
For more information please visit the Company's website at http://www.bio-light.co.il
Itai Bar-Natan, CFO