CAMBRIDGE, Mass., April 13, 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 successfully executed binding funding agreements to raise $22.8 million through a private equity investment (PIPE) in the Company. The financing was led by Shavit Capital, one of Israel’s leading private equity funds specializing in pre-IPO funding, and was joined by new and existing U.S. and Israeli investors, including Clal Biotechnology Industries Ltd.
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 its first-in-class and first-of-its-kind gene therapy in development for treatment of bladder cancer.
“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,” stated Frank Haluska, M.D., Ph.D., chief executive officer of BioCanCell. “We look forward to enrolling the first patients into the trial in the second half of this year.”
The closing of the transaction is subject to the approval of a general meeting of Company shareholders, and TASE approval for the registration for trade of the shares allotted and the shares underlying the warrants.
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, BC-819, is in development as a treatment for early stage, 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 BC-819, 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.
Frank Haluska, M.D., Ph.D.
President and Chief Executive Officer
Ashley R. Robinson
LifeSci Advisors, LLC