Aposense Ltd. (Formerly known as NST NeuroSurvival Technologies Ltd.) Announces Successful Completion of IPO
Published: Jun 16, 2010
Mr. Eli Hurvitz, Chairman of Aposense, former CEO and Chairman of TEVA Pharmaceutical Industries and Chairman of Pontifax Group, which participated in the concurrent private placement, said: "Aposense has made numerous scientific breakthroughs in a very important field of biology and medicine, thanks to the commitment and vision of its management and scientific teams. Aposense is a great example of Israel's increasing contribution to advancing medical technology and medicine. I would like to thank this group of high-quality investors for their support of this innovative technology that has the potential of making a significant impact on patient care."
"The success of our IPO during this unstable period in the financial markets reflects the confidence of the Israeli financial community in Aposense's vision and strategy," said Yoram Ashery, CEO of Aposense. "The capital raised will enable us to accelerate and expand our various development programs and realize our vision of improving care for patients with cancer and other serious diseases."
Within molecular imaging, Aposense is conducting phase 2 clinical trials for the [18F]-ML-10, its novel tracer for imaging of apoptosis with PET (Positron Emission Tomography), and the EarliTest™ system designed to provide an early indication of how cancer patients are responding to their treatments.
In the field of targeted therapy, the company is co-developing with TEVA Pharmaceuticals targeted anticancer agents comprised of an Aposense® probe conjugated to generic cytotoxic agents to increase drug concentration in the tumor and reduce normal tissue toxicity. TEVA recently announced plans to invest up to additional US$ 9 million in the collaboration. The IPO enables Aposense to expand its drug development activity to additional diseases beyond cancer.
The company raised more than US$ 24 million, US$ 16 million through the IPO, and an additional US$ 8 million in a private placement concurrent with the IPO. Investors in the private placement included Leumi Partners, the investment arm of Bank Leumi, Israel's largest bank, and existing shareholders including the Pontifax Group, which is led by Mr. Hurvitz, and the Ziegler-Meditech fund.
About Aposense Aposense is developing products for diagnosing and treating a variety of diseases based on its unique technology platform for the detection and binding to cells and tissues in the body, that are in the process of controlled cell death (Apoptosis). Apoptosis is one of the most important processes in biology and it exists in most diseases. The company's diagnostic products include ML-10 for Molecular Imaging of Apoptosis, and the EarliTest™ system, designed to provide early indication of how cancer patients are responding to their treatments and can help to personalize treatment. In the therapeutic field, the company is developing targeted drugs based on its technology platform. As part of this program, the company is jointly developing with TEVA Pharmaceuticals targeted anticancer agents comprised of an Aposense® probe conjugated to generic cytotoxic agents to increase drug concentration in the tumor and reduce normal tissue toxicity.
The company entered into collaborations and distribution agreements with world leading companies in their fields, including IBA, the largest global distribution network for molecular imaging PET agents, for the world-wide distribution of ML-10 for molecular imaging of apoptosis; TEVA, for the co-development of cancer targeted therapy based on company's technological platform; and GSK, for the non-exclusive use of the Company's EarliTest™ system for evaluating new oncology treatments.
Founded in 1996, Aposense is chaired by Mr. Eli Hurvitz. Key shareholders include: TEVA Pharmaceuticals, Johnson & Johnson, Pontifax (headed by Eli Hurvitz), Ziegler-Meditech, DOCOR (of the Van-Leer Foundation), Bank Leumi, Clal Biotechnology, Bargal, Federman Group, Technorov, Highbridge (JP Morgan) and major Israeli insurance and financial institutions.
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