JERUSALEM, Dec. 28, 2017 (GLOBE NEWSWIRE) -- BioCanCell Ltd. (TASE:BICL), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapies to treat cancer, announced today that a full tender offer for its shares that was published by a group of investors led by BioCanCell’s largest shareholder, Clal Biotechnology Industries Ltd. earlier this month, was not approved by shareholders, with the shareholder acceptance rate falling below the minimum required acceptance rate required by regulation. Approximately 1.4 million shares voted to accept the terms of the proposal, after the initial offer price of 140 agorot was increased to 170 agorot. The latter price valued the company at over $47 million. Approximately 5.9 million shares were necessary for the tender to be accepted.
As the entire offer was conditioned on reaching the minimum acceptance rate, the offerors will not proceed with share purchases with respect to tender offer acceptance notices provided.
BioCanCell is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer. The Company’s most advanced product candidate, BC-819, is in development as a treatment for early stage, non-muscle-invasive bladder cancer (NMIBC). Two registrational clinical trials of BC-819 are planned to be initiated: a single arm trial in patients whose disease is unresponsive to standard therapy, and a randomized trial, under a special protocol assessment (SPA) from the U.S. Food and Drug Administration (FDA), in patients who have failed a first course of treatment. 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
Patricia L. Bank