TEL AVIV, Jan 23 (Reuters) - Israeli biopharmaceutical company BioCanCell said on Tuesday it has signed a term sheet to receive a $25 million investment and it plans to go public in the United States during 2018.
The investment will be done at 1.6 shekels ($0.47) a share, 14 percent above the market price. The shares to be allocated represent a 36 percent stake in the company, BioCanCell said in a statement.
BioCanCell’s lead drug in development is BC-819 to treat non-muscle-invasive bladder cancer. It has been tested in three clinical trials and the company said it will use the investment to fund further clinical trials.
At the same time BioCanCell is in talks with several entities for strategic partnerships.
The lead investor will invest at least $7 million and is authorised to bring in another $8 million from other investors. BioCanCell did not name the investors. ($1 = 3.4197 shekels) (Reporting by Tova Cohen)