Israel-based BioLight completes $4 mln private placement

BioLight Israeli Life Sciences Investments Ltd. said Wednesday that it has closed a $4 million private placement with two unnamed institutional investors. This transaction comes on the heels of the firm raising NIS 19 million in equity financing. Based in Tel Aviv, BioLight invests in biomedical innovations.

PRESS RELEASE

BioLight Israeli Life Sciences Investments Ltd., a firm that invests in, manages and commercializes biomedical innovations grouped into clusters around defined medical conditions, announces the successful completion of a private placement that raised gross proceeds of NIS 14.5 million (USD 4 million) from two institutional investors.
The Company sold 67,443 units consisting of 1,000 shares and 1,000 Series 8 warrants. The financing was priced at NIS 215 per unit or NIS 0.215 per share. The warrants are exercisable at any time until December 31, 2016, with a strike price of NIS 0.37. The Company may receive up to an additional NIS 25 million assuming the full exercise of all warrants.
This private placement was completed as a follow on to the successful equity financing announced on March 6, 2014 in which the company raised gross proceeds of NIS 19 million and may receive up to an additional NIS 26.8 million assuming the full exercise of all warrants (Series 7 and 8). Insiders Israel Makov, Chairman of the Company, Dilip Shanghvi and Dan Oren participated in the equity round earlier this month in an aggregate amount of NIS 10.5 million.
“We are delighted to have raised a total of NIS 33.5 million in public and private offerings this month,” said Suzana Nahum-Zilberberg, BioLight’s CEO. “These funds will enable us to advance promising products into clinical trials and to invest in exciting new technologies to further expand our portfolio. The proceeds of the private placement will also assist in expanding the sales and marketing of the IOPtiMate™ system for the treatment of glaucoma, which is approved for sale in the EU, Israel and, most recently, China. We are focused on implementing BioLight’s strategic plan and advancing our business and clinical targets, many of which are expected to be achieved this year.”
About BioLight
BioLight Life Sciences Investments invests in, manages and commercializes biomedical innovations grouped into “clusters” around defined medical conditions. The two current clusters are in ophthalmology via 100% ownership of XLVision Sciences and in cancer diagnostics via a 29% controlling ownership of Micromedic (TASE: MCTC). XLVision technologies include IOPtiMate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D™, a long-term controlled release drug-delivery implant platform. Micromedic diagnostic tests are designed to detect colorectal, cervical, breast, bladder, lung and other cancers. Base key investors, holding about 48% of BioLight’s shares, are Mr. Israel Makov, Chairman of Sun Pharmaceuticals and Given Imaging, and former CEO and President of Teva Pharmaceuticals, with 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 http://www.bio-light.co.il.

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