Biocancell Hopes To Raise Up To $29M In Rights Issue

July 8, 2014 | The cancer treatment drug developer Biocancell has plans to raise $28.8 million in a rights issue. Biocancell’s majority shareholder Clal Biotechnology Industries announced that it will buy about $14.4 million in shares, which is likely to dilute the value of the company’s shares. Currently, Biocancell’s stock is being offered at NIS 2.4 a share. A year and a half ago, Clal Biotechnology was in talks with Biocancell to move towards acquisition, but withdrew its proposal after Biocancell decided to license its most advanced product for the treatment of bladder cancer to a different company. Founded in 2004 by Prof. Avraham Hochberg, a professor of molecular biology at the Hebrew University in Jerusalem and is currently headed by CEO Jonathan Burgin.