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D-Pharm Raises NIS 85 Million in Rights Offering and Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE)
Date:8/17/2009

REHOVOT, Israel, August 17 /PRNewswire/ -- D-Pharm announced today the completion of a financial round, which yielded NIS 85 million (approximately $23M USD) to fund the Company's late stage clinical stroke program. The financial round combined a rights offering of NIS 57 million and an Initial Public Offering (IPO) of NIS 28 million. The IPO was oversubscribed and the unit price was set at 133 NIS, 13% higher than the minimum price. The company's pre-money valuation was NIS 120 million.

D-Pharm will commit most of the proceeds of the rights issue and the IPO towards the forthcoming pivotal Phase III clinical trial of DP-b99 in patients with acute ischemic stroke (study acronym - MACSI). An Investigational New Drug (IND) application for the Phase III clinical trial of DP-b99 was approved by the US Food and Drug Administration (FDA) in June 2009. The trial will enroll 770 patients with moderately severe ischemic stroke in more than 100 medical centers in North America, Europe, South Africa and Israel.

Clal Biotechnology CEO and D-Pharm's Chairman of the Board Ruben Krupik said: "This is a unique offering because the current shareholders provided most of the financing. We gave the public the opportunity to participate, while taking most of the risk upon ourselves."

D-Pharm's CEO, Dr. Alex Kozak, said: "Now we are set to move full steam ahead with the Phase III study of DP-b99. I am happy to see Israeli public sector investors supporting an advanced clinical stage company like D-Pharm. I hope that our IPO opens the door to the flotation of other companies, especially in the biotech industry".

The offering was underwritten by CLAL Finance Underwriting Ltd., as well as Rosario Underwriting Services (AS) Ltd. and Meitav Underwriting and Investment Ltd.

About DP-b99

DP-b99 is a unique neuroprotective drug that addresses an array of brain damaging processes
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SOURCE D-Pharm Ltd
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