BioCanCell Announces Completion of $23-Million Financing
BioCanCell Ltd. recently announced it has completed a $22.9-million PIPE financing round. The financing was led by Shavit Capital, with investors from the US, Israel, and existing shareholders.
Net proceeds of the PIPE will be used primarily to advance the company’s drug development programs, including the initiation of a pivotal trial of the company’s first-in-class and first-of-its-kind gene therapy in development for treatment of bladder cancer.
“This successful round of funding will enable BioCanCell to commence a pivotal clinical trial of our lead drug, inodiftagene vixteplasmid, as a treatment for non-muscle-invasive bladder cancer in patients who are unresponsive to the current standard of care, BCG,” said Frank Haluska, MD, PhD, Chief Executive Officer of BioCanCell. “We are on track to enrolling the first patients into the trial in the second half of this year.”
In consideration for the capital raised, BioCanCell issued 5,960,787 ordinary shares (constituting approximately 38% of the company’s issued and paid-up share capital) at a price per share of $3.84, as well as options to purchase shares in an amount equal to 80% of the number of shares allotted, at an exercise price currently equal to $4.43, as well as additional rights.
BioCanCell is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, with offices in Cambridge, MA, and Jerusalem, Israel. The company’s most advanced product candidate, inodiftagene vixteplasmid, is in development as a treatment for non-muscle invasive bladder cancer (NMIBC). For more information, visit www.biocancell.com.
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