Pharma Company BioCanCell Raises $25 million, Plans to Go Public in the U.S.

BioCanCell Ltd., a biopharmaceutical company based in Jerusalem and Cambridge, Massachusetts, announced on Tuesday it has signed a term sheet for an investment of $25 million. The company also said it would seek to get listed on a U.S. stock exchange in 2018.

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The investment will come out to 1.6 shekels ($ 0.47) per share, a 14% markup over the market price. The deal reflects a company valuation of $51 million, BioCanCell said in a statement.

 

The company said it will use the funding for clinical trials of BC-819, a drug being designed to treat early stage bladder cancer.

BioCanCell did not identify the investors but said the lead investor will provide $7 million of its funds and up to $8 million in commitments from other investors.

Founded in 2004, BioCanCell is controlled by Israel-based Clal Biotechnology Industries Ltd.