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CTech’s Thursday Roundup of Israeli Tech News

CTech’s Thursday Roundup of Israeli Tech News

Biotech firm Eloxx plans $50 million in a public offering on Nasdaq, Teva sees three board members depart amid the company’s ongoing revamp, and new data downplays potential benefit of medical marijuana exports

CTech  :  2018-04-26T17:36:17..
Japanese Prime Minister Shinzo Abe to Visit Israel. Mr. Abe is set to lead a Japanese business delegation to Israel. The Japanese prime minister last visited Israel in 2015. Read more

 

Japanese Prime Minister Shinzo Abe. Photo: Reuters Japanese Prime Minister Shinzo Abe. Photo: Reuters Japanese Prime Minister Shinzo Abe. Photo: Reuters

Three board members to leave distraught drugmaker Teva. One of the world's largest generic drugmakers, Teva has faced increasing difficulties the past two years, after its $40.5 billion acquisition of Allergan's generic business Actavis in 2016 led the company to take on $33.75 billion in loans just as the generic drug market was starting to experience its current difficulties. Two of the retiring members served as directors when the ill-fated Actavis acquisition was approved by the board. Read more

 

Biotech company Eloxx wants to raise $50 million on Nasdaq. Eloxx is clinical-stage company developing gene-modulating drug candidates.The company is the result of a December 2017 merger between Waltham, Massachusetts-based Sevion Therapeutics, Inc., and Israel-based Eloxx Pharmaceuticals Ltd. Read more

Report downplays potential impact of cannabis exports on Israel’s economy. Israel would likely see around $70 million added to its economy annually, far less than previous projections of up to a billion dollars, according to the report. Read more

 

After cold shoulder from Israeli investors, WeWork turns to U.S. bond market. The coworking real estate company is aiming to raise half a billion dollars in an offering that is expected to open this week. Bond documents provide the first-ever glimpse into WeWork’s financials. Read more

 

Israeli venture capital firm Teuza to manage Haifa’s new $27.9 million tech fund. First announced in February, the new fund will invest in early stage startups willing to commit to establishing their operations in Haifa, Israel’s third largest city. Read more

 

BMW to use low-cost LiDAR developed by Israeli startup in upcoming autonomous vehicle. Innoviz develops and manufactures LiDAR imaging systems that are smaller and more affordable. BMW plans to use Innoviz’s systems in its autonomous vehicles scheduled for release in 2021. Read more

 

Gal Gadot Tweeted Her Love for Huawei—from an iPhone. The Israeli actress known for her title role in Wonder Woman deleted the tweet and explained that a member of her publicity team had posted the tweet from a personal device. Read more

 

Software debugging startup Rookout raises $4.2 million. The Israel-based startup’s technology allows customers to fix errors in their software having to write new code or take their applications offline. Read more

 

Cloud broadcasting startup iChannel raises $2.5 million. IChannel develops a cloud-based broadcasting software that allows users to create linear channels, which can be transmitted to cable and satellite systems, as well as mobile and online platforms. Read more

 

Hainan Airlines to launch route between Tel Aviv and Guangzhou. The company will be opening its planned Tel Aviv-Guangzhou route in August. Hainan will receive a grant of around 750,000 euro ($914,000) from as part incentive run by the Israeli Ministry of Tourism. Read more

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