Kadimastem seeks Nasdaq listing, raises $3.2m from ILEX

Kadimastem, a medical company that specializes in treating ALS and diabetes, has announced that it has raised NIS 10 million ($ 3.2 million) from ILEX Medical (TASE: ILX) for special funding.

The upgrade was completed at a cost of NIS 4.26 per share (5% higher than the closing cost of the unit on the evening of the board of directors meeting). As part of the fund, ILEX Medical was awarded 1,407,130 options (60% cover) in the 2nd category, at NIS 7 and NIS 8.5 per share rates (up to 100% off the share price). If used, they would increase the amount to NIS 21 million NIS ($ 6.7 million). ILEX Medical Director Tamar Galili joins Kadimastem.

Kadimastem also announced today that the Board of Directors wants to adhere to the NASDAQ list.

Kadimastem has raised more than NIS 50 million ($ 15.9 million) since early 2021.

Recent funding will contribute to the clinical advancement of AstroRx in the treatment of ALS and the development of IsletRx, such as the treatment of insulin-dependent diabetes mellitus. The money will be used to complete the preparation of the test and to support the joint venture.

Earlier this month, Kadimastem met with the FDA regarding IsletRx, which received its technical approval from Japan.

Kadimastem Executive Director Asaf Shiloni said, “Amid the high cost and progress of the medical program, we have made great strides in the last year.

Kadimastem Chairman Ronen Twito added, “The financial results that have taken place over the past year show the confidence of traders in the new Kadimastem. The decision to share shares on the NASDAQ. This approach will make the company and its technology platform accessible to American investors and corporations in the field, informing people of the illumination and promoting global operations. “

ILEX Medical CEO Tami Galili said, “The vote for confidence in Kadimastem is part of the company’s marketing strategy, as part of the various ILEX Medical development engines. We are also confident that their new leadership team will put Kadimastem on track. advancing development, providing feedback to patients and compiling a list of companies in the Nasdaq. “

Published by Globes, Israel Business News – en.globes.co.il – November 25, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

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