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BioCanCell in PIPE deal, plans US listing
Posted on Monday, 16 April 2018 10:18
Oncology-focused biopharmaceutical company BioCanCell is bankrolling two registrational clinical studies for early-stage bladder cancer by raising USD 22.80 million in a PIPE financing.
Shavit Capital, billed as one of Israel’s leading private equity funds specialising in pre-IPO funding, is leading the round.
The investor, which has over USD 200.00 million under management across four separate funds, is joined by new and existing US and Israel investors, including Clal Biotechnology.
While BioCanCell has successfully executed binding agreements for USD 22.80 million, the deal is still subject to shareholder approval and that of the Tel Aviv stock exchange.
Chief executive Frank Haluska stated: “We are excited to have obtained funding that will enable us to embark on the first of our two registrational clinical studies of BC-819 in early-stage bladder cancer.
“We look forward to enrolling the first patients into the trial in the second half of this year.”
BioCanCell was founded in 2004 and has offices in Cambridge, Massachusetts and Jerusalem, Israel, and its initial programme is the genetic therapy for early stage non-muscle-invasive bladder cancer (NMIBC).
The group’s most advanced investigational agent is BC-819 for a market with commercial potential of up to USD 1.00 billion and one where a large majority of patients relapse and go on to radical surgery.
It is poised to launch a Food and Drug Administration (FDA)-approved pivotal programme targeting two indications.
NMIBC is the fourth most common cancer in men in the US, with 77,000 new cases each year, and is the ninth worldwide.
Earlier this year, BioCanCell said it is aiming to carry out a US listing in 2018.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 84 PIPE deals announced globally in 2018 to date.
© Zephus Ltd