TEL AVIV, Israel, February 2 /PRNewswire-FirstCall/ -- Elbit Imaging (NASDAQ: EMITF) ("Elbit Imaging" "Company") announced today that it intends to restructure its bio-tech and medical holdings (InSightec - 60%, and Gamida Cell - 28%; both on a fully diluted basis) under a wholly-owned Elbit Imaging subsidiary and to offer shares of such subsidiary in a public offering on the Tel Aviv Stock Exchange ("IPO"). The move is part of the Company's ongoing restructuring and the streamlining of business activities throughout the Company's divisions.
Dudi Machluf, Chief Executive Officer (Co-CEO), commented: "As part of the Company's restructuring, we intend to restructure our medical and bio- tech holdings, InSightec and Gamida Cell, under one wholly owned subsidiary. We intend to use the IPO's proceeds, should such be executed, to accelerate InSightec's development of several applications to treat major cancer diseases such as including, bone, prostate, breast, liver and brain. This will help InSightec to take rapid strides towards receiving both FDA and CE approvals for these cancer treatment technologies as well accelerating its efforts to obtain widely spread reimbursement coverage for its FDA and CE commercially treatment for Uterine Fibroids. Additionally, the IPO proceeds will help accelerate the FDA approval process for Gamida Cell's flagship product, StemEx(R), which is currently in Phase III testing, as well as advance the product development of additional therapies.
The IPO is expected to add value to Elbit Imaging's existing shareholders and, for the first time, will provide the public with an opportunity to invest directly in the group's flagship bio-medical holdings."'/>"/>
|SOURCE Elbit Imaging Ltd.|
Copyright©2010 PR Newswire.
All rights reserved