CAMBRIDGE, Mass., July 03, 2018 (GLOBE NEWSWIRE) -- BioCanCell Ltd. (TASE: BICL ), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapies to treat cancer, today announced that it has completed a $22.9 million PIPE financing round. The financing was led by Shavit Capital, with investors from the U.S., 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,” stated Frank Haluska, M.D., Ph.D., 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.
About BioCanCell 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 additional information please go to www.biocancell.com .
Forward Looking Statements This press release contains “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of clinical trials, the anticipated effects of receiving Fast Track designation, the anticipated timeframe for conducting additional clinical trials and making regulatory submissions, and other strategic and business plans and objectives. These forward-looking statements are based on information BioCanCell has when those statements are made or its management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to: the success of the approach to discover and develop prospective therapeutic products, which is new and may never lead to marketable products; a lack of history of commercial sales; a dependence on the success of Inodiftagene Vixteplasmid, the development of which will require significant additional clinical testing before regulatory approval can be sought and commercial sales launched; a need to raise substantial additional funds to complete R&D activities; an ability to overcome scientific or technological difficulties that may be encountered and that may impede R&D activities; and an ability to obtain and maintain intellectual property protection for product candidates, including pursuant to licensed patents.
Company Contact: Frank Haluska, M.D., Ph.D. President and Chief Executive Officer info@biocancell.com
Investor Contact: Ashley R. Robinson Managing Director LifeSci Advisors, LLC 617-535-7742 arr@lifesciadvisors.com
