August 3, 2014 | The developer of car accident prevention systems Mobileye raised $890 million in its New York Stock Exchange IPO on August 1, 2014 (Friday), putting the company value at $5.31 billion, a much higher amount than estimated. The current valuation makes Mobileye the Israeli company with the fifth highest market cap on Wall Street. The Mobileye warning system consists of a set of cameras and artificial vision technology that let the driver know when they are prone to an accident. Mobileye’s system issues warnings when a car strays out of its lane, tailgates the car in front of it and even when the vehicle gets too close to pedestrians and cyclists on the street. Mobileye has already sold its technology to more than 20 automobile manufactures, including General Motors and BMW, and their systems have already been installed in up to 3.3 million vehicles.
News Briefs
Mobileye Valued At $5.31B Following NYSE IPO
VBL Therapeutics Announces Pricing Of NASDAQ IPO
August 3, 2014 | Israeli biotech company VBL Therapeutics announced the pricing of its NASDAQ IPO. The company will sell 5,400,000 shares at $12.00 per share for a gross total of $64.8 million. In addition, VBL Therapeutics will grant underwriters 30 days to purchase up to 810,000 additional shares at the same price in order to cover over-allotments. The shares began trading on NASDAQ on July 31, 2014 under the ticker symbol VBLX with the offering due to close on August 5, 2014. VBL Therapeutics was founded in 2000 in Tel Aviv, Israel and is currently working towards developing a cure for brain cancer, which it hopes to begin Phase III clinical trials on in 2015.
BioBlast Pharma Raises $37M In NASDAQ IPO
August 3, 2014 | Israeli pharmaceutical company BioBlast announced that it raised $37 million in its NASDAQ IPO last week. The company priced 3,200,000 ordinary shares at $11 per share making gross proceeds of $35.2 million. The company also granted the underwriters 30 days to purchase up to 480,000 additional shares. BioBlasts offering, trading under the ticker ORPN is expected to close on August 5, 2014, subject to customary closings. BioBlast is an Israeli clinical stage biotechnology company founded in 2012 developing treatments for rare and ultra-rare genetic diseases.
Microsoft, Akamai Technologies and JVP Partner In Cyber Security Accelorator Program
July 31, 2014 | Microsoft, Akamai Technologies, and Jerusalem Venture Partners announced that they have entered into a partnership in order to establish a new accelerator for cyber security startups. One of the startups in the accelerator will be awarded $1 million at the end of the program. “Tech startups have the potential to shape the future of cybersecurity,” said Zack Weisfeld, head of Microsoft Ventures Europe. The program will be held at the Microsoft Ventures Accelerator in Tel Aviv where startups will be provided with free tools, advice and mentoring as well as access to a number of other resources. The partners hope that the accelerator will brew a level of expertise among the startups that will help make important breakthroughs in the cyber security sector.
3D Systems Acquires Simbionix For $120M
July 31, 2014 | American 3D printing company 3D Systems announced that it will acquire Israeli company Simbionix for $120 million in cash. Simbionix is a global leader in 3D virtual reality surgical simulation and has been acquired by 3D systems so that the latter company can expand its reach in the 3D healthcare field. The acquisition is set to be completed in the next 30 days, subject to some closing conditions. “Simbionix is a perfect match for our healthcare business and its powerful technology, products, channels and domain expertise expands our 3D healthcare capabilities from the training room to the operating room, and extends our first mover advantage in this fast growing vertical,” said Avi Reichental, President and Chief Executive Officer, 3DS. Simbionix, headquartered in Cleveland, Ohio but with R&D centers in Israel, has created patient-specific simulation technology that was approved for use by surgeons by the FDA in the US.
FIMI Opportunity Fund Acquires 40 Percent Of Magal Security Systems Shares
July 31, 2014 | Magal Security Systems, a solutions provider for physical and cyber security, announced that FIMI Opportunity Fund, the leading private equity fund in Israel, will by 40 percent of the company’s shares from Ki Corporation. FIMI will purchase the shares from the Ki Corporation at a price of $3.50 per share, as well as paying certain additions according to conditions, making FIMI the largest shareholder of Magal. Chairman of Magal Barry Stiefel commented on the acquisition: “FIMI’s investment represents a vote of confidence in Magal by one of the leading private equity funds in the world. We welcome FIMI as Magal’s controlling shareholder and look forward to leveraging FIMI’s expertise and experience in growing the business.” FIMI is Israel’s leading private equity fund with over $2 billion in invested capital. Magal has been around for over 42 years, providing physical and cyber security solutions to companies, governments and private entities in over 80 countries.
Macrocure Raises $54M In NASDAQ IPO
July 31, 2014 | The regenerative medicine developer Macrocure raised $54 million in its NASDAQ IPO, offering up 5.35 million shares at $10 a pop. The share price was below the average of between $13-15 that company had originally planned. The Macrocure shares will trade under the ticker “MCUR” with the company granting underwriters 30 days to purchase up to 802, 500 additional sales before the offering closes out on August 5th. Credit Suisse Securities (USA) and Jefferies LLC are the joint book-running managers for the offering, with Nomura Securities International and Oppenheimer & Co. acting as co-managers. Macrocure has developed a system for treating hard-to-heal wounds using white blood cells taken from donor blood, a product called CureXcell.
Bar Ilan University’s Faculty Of Engineering Takes Part In 2014 RoboCup
July 30, 2014 | Although the official 2014 FIFA World Cup is over, the RoboCup of robotic soccer just opened and Bar Ilan University’s Faculty of Engineering is competing. The RoboCup is open to 24 teams from around the world, and Bar Ilan is the only Israeli team to land a place in the competition which is being held in Brazil. Bar Ilan’s team of robots includes 4 robots and 12 students, including top undergraduate students from the faculty of engineering. Each of the Bar Ilan robots contains a camera, computer, gyro sensor as well as many other parts, allowing them to kick the ball and ‘communicate’ with their teammates. The RoBIU robotic soccer team is sponsored by the Electric Vehicle Evolution (EVE) and Superfresh Israel.
LabStyle’s Dario Nabs Ministry Of Health Approval In Israel
July 30, 2014 | Israeli company LabStyle received approval from Israel’s Ministry of Health for its Dario smart meter for diabetes. Dario was launched in late March of this year in the United Kingdom, Italy and New Zealand and has already filed an application for US Food & Drug Administration approval. According to LabStyle, the company hopes to expand the marketing of Dario to six more territories by the end of 2014. LabStyle’s Dario is a cloud-based diabetes management solution, allowing diabetics to monitor their blood sugar and other aspects of the disease from their mobile devices or smartphones.
Israeli Cyber Security Firm ThetaRay Raises $10M In Series B Funding
July 30, 2014 | Israeli cyber security company ThetaRay announced that it raised $10 million in a Series B funding round. Investors such as General Electric, Jerusalem Venture Partners and Poalim Capital Markets participated in the round. ThetaRay says that it will use the new funds to consolidate its operations in the United States and to expand its global presence. ThetaRay has developed a special analytical platform and threat detection solutions to protect infrastructure, financial institutions, and other industry sectors. “It is a very exciting time for ThetaRay, as the demand for its products and technology is rapidly increasing,” said ThetaRay CEO Mark Gazit.
Positive Results For BiondVax’s Avian Flu Vaccine
July 30, 2014 | The developer of the universal flu vaccine BiondVax announced that it has completed studies which validate the effectiveness of a vaccine against the deadly H7 avian flu virus. The H7 avian flu strain is highly contagious, infecting 76 percent of people and killing 33 percent on average. Studies were recently released confirming the viability of BiondVax’s M-001 vaccine, the universal flu vaccine, against two strains of avian flu, H5 and H7. In line with Food & Drug Administration standards in the United States, BiondVax’s M-001 vaccine doubled the chances of adequate protection against contracting H7 in mice studies. BiondVax, a publicly traded company, has a team of 14 scientists devoted to developing their breakthroughs in vaccination at its headquarters in the Weizmann Institute of Science Park in Nes Tziona, Israel.
Amdocs Reports $902.5M In Revenue, Beats Analysts’ Profit Estimates
July 30, 2014 | Amdocs reported a spike in revenue this quarter, but a loss in profits, however not as great a loss as was originally anticipated by analysts. According to “Globes,” Amdocs’ revenue was $902.5 million in the second financial quarter, up 0.6 percent from the previous quarter and 7.3 percent from the corresponding quarter last year. Amdocs’ profits were valued at $0.81 per share, more than the $0.79 anticipated by analysts, providing the company with a non-GAAP net profit of $130.9 million. The company anticipates that revenues in the fourth quarter will be between $890-$920 million. Amdocs is a leader in telecommunications that was founded 30 years ago by Boaz Dotan.
Camtek’s Share Price Up 24.7 Percent In Light of Q/2 Results
July 30, 2014 | After announcing the completion of its 3D printer product and its second financial quarter results, the share price of Camtek’s stocks rose sharply, up 24.7 percent. Camtek’s share price on NASDAQ was up to $4.28 a share, giving a market cap of $130.3 million, after the company’s stocks rose sharply on the Tel Aviv Stock Exchange (TASE). According to Camtek CEO and Chairman Rafi Amit, “”Our existing business continues to show solid performance, and overall Camtek is on track for a good year. In the third quarter, we expect revenues to remain around the same level as that of the second quarter.” Camtek’s second quarter revenue was $23.2 million, up from $22.3 million in the second quarter of 2013. Camtek develops, manufactures, markets and supports automatic optical inspection systems and has offices in Israel and Hong Kong.
Mobileye Set To Raise $600M Following NYSE IPO
July 30, 2014 | The Israeli collision avoidance technology developer Mobileye increased the estimates for the amount of money it is set to raise when it goes public this week on the New York Stock Exchange (NYSE). The company is now filing with the SEC that it will raise over $600 million, offering up 27.8 million shares ranging between $21 to $23. The newest price estimates, about 22 percent higher than was previously expected, is expected to put the company value at a total of $5.2 billion, according to “Globes.” Founded in 1999 and headquartered in The Netherlands, Mobileye provides camera-based collision prevention technology for automobiles.
Powermat Will Equip 2015 Cadillac Vehicles With Wireless Phone Charging Pad
July 29, 2014 | Israeli company Powermat
is set to install wireless phone charging pads to 2015 Cadillac vehicles including the CTS and Escalade. The Powermat charging pad will most likely be located behind the Cadillac’s motorized CUE information and entertainment screen. In order to reveal the Powermat charging pad, all the driver needs to do is hit a button to make the screen rise up to reveal a storage bin with the charging pad. Then, the phone is placed on the pad to begin charging. The Powermat has already been installed in the Chevrolet Volt, following a $5 million investment by General Motors in the Israeli company. Powermat was founded by Ran Poliakin in 2006 and its phone-charging technology is already used in Starbucks locations and a number of other vendors and companies.
