Investors Initiate Tender Offer to Take BioCanCell Private Ahead of Planned Fundraising Round

JERUSALEM, Dec. 11, 2017 (GLOBE NEWSWIRE) — BioCancell Therapeutics (TASE:BICL), http://www.biocancell.com/ a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapies to treat cancer, announced today that a full tender offer for its shares was published on Sunday, December 10th, 2017, by a group of investors led by BioCanCell’s controlling party, Clal Biotechnology Industries Ltd. The investors hold 88.9% of BioCanCell’s outstanding shares, and are offering to purchase the remaining 11.1% of the outstanding shares at a price per share of NIS 1.40 ($0.40 at present exchange rates), a premium of 3.6% over the previous closing price, and of 44% over the average share price for the last 6 months, for an aggregate investment of approximately NIS 15 million ($4.25 million).

Shareholders have until Sunday, December 24th, 2017, at 3:00pm IST to vote their acceptance of the offer. Should the offer be accepted by holders of at least 55% of the shares the investors are offering to purchase, meaning that owners of 95% of all shares (including those owned by the investors) have indicated acceptance, the offer will become binding and the investors will purchase all outstanding public shares for NIS 1.40 each. BioCanCell would be delisted from the TASE and become a privately-owned company.

BioCanCell previously reported that it is conducting discussions with a group of American and Israeli investment groups concerning a possible investment in the Company of $20-25 million, based on a pre-money valuation of $45 million, and that these investors had indicated that they would consider the investment only if, prior to any such investment, BioCanCell were to be de-listed from the TASE and become privately-owned.

About BioCanCell

BioCanCell is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer. The Company’s most advanced product candidate, BC-819, is in development as a treatment for early stage, non-muscle-invasive bladder cancer (NMIBC). Two registrational clinical trials of BC-819 are planned to be initiated: a single arm trial in patients whose disease is unresponsive to standard therapy, and a randomized trial, under a special protocol assessment (SPA) from the U.S Food and Drug Administration (FDA), in patients who have failed a first course of treatment. For additional information please go to www.biocancell.com.

Source: BioSpace https://www.biospace.com/article/releases/investors-initiate-tender-offer-to-take-biocancell-private-ahead-of-planned-fundraising-round/?keywords=Jerusalem

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