|
State of Israel
|
| |
2834
|
| |
Not Applicable
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer Identification No.)
|
|
|
Anna T. Pinedo
Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020-1001 Tel: (212) 506-2500 |
| |
Aaron M. Lampert, Adv.
Goldfarb Seligman & Co. 98 Yigal Alon Street Tel Aviv 6789141, Israel Tel: +972 (3) 608-9999 |
| |
Ivan K. Blumenthal
Cliff M. Silverman Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Chrysler Center, 666 Third Avenue New York, NY 10017 Tel: (212) 935-3000 |
| |
Shy S. Baranov
Oded Har-Even Zysman, Aharoni, Gayer & Co. 41-45 Rothschild Boulevard Tel Aviv 6578401, Israel Tel: +972 (3) 795-5555 |
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Title of each class of securities to be registered
|
| |
Proposed maximum aggregate
offering price(1)(2)(3) |
| |
Amount of
registration fee |
| ||||||
Ordinary shares, no par value, as represented by American Depositary Shares
|
| | | $ | 35,000,000 | | | | | $ | 4,242.00 | | |
|
| | |
Per ADS
|
| |
Total
|
|
Initial public offering price
|
| |
$
|
| |
$
|
|
Underwriting discounts and commissions(1)
|
| |
$
|
| |
$
|
|
Proceeds to us (before expenses)
|
| |
$
|
| |
$
|
|
| | | | | 1 | | | |
| | | | | 14 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 43 | | | |
| | | | | 45 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 58 | | | |
| | | | | 88 | | | |
| | | | | 100 | | | |
| | | | | 102 | | | |
| | | | | 104 | | | |
| | | | | 110 | | | |
| | | | | 117 | | | |
| | | | | 119 | | | |
| | | | | 127 | | | |
| | | | | 133 | | | |
| | | | | 133 | | | |
| | | | | 134 | | | |
| | | | | 135 | | | |
| | | | | 136 | | | |
| | | | | F-1 | | |
| | | | | |
PRODUCT
CANDIDATE |
| | |
TRIAL
|
| | |
RESULTS
|
| | ||||||||
| |
INDICATION
|
| | |
Phase 1
|
| | |
Phase 2
|
| | |
Phase 3
|
| | ||||||||
| |
NMIBC
|
| | |
Inodiftagene
|
| | |
Phase 1/2
|
| | | | | | | | | | |
No DLT, no MTD; 22% CR, 22% PR
|
| |
| | | | | Phase 2 | | | | | | | | 33% CR; 1-yr RFS 46% | | | |||||||||
| | | | |
Pivotal Phase 2 Codex Clinical Trial
|
| | | | | | | Initiation 4Q2018 | | | |||||||||
|
Inodiftagene with BCG
|
| | | | | | |
Phase 2
|
| | | | | | |
Feasible; 3 month RFS 95%; 6 month RFS 78%
|
| | |||||
| | | | | | | | |
Pivotal Phase 3 Leo Clinical Trial
|
| | | Planned for 2019 | | | |||||||||
| |
Pancreatic cancer
|
| | |
Inodiftagene
|
| | |
Phase 1/2
|
| | | | | | | | | | |
2 PR in inodiftagene alone patients
|
| |
|
Inodiftagene with gemcitabine
|
| | | | | | | Phase 2 | | | | | | | |
1 PR; median PFS 7.6-9.3 months
|
| | |||||
| | Ovarian cancer | | | | Inodiftagene | | | | | | | | Phase 2 | | | | | | | |
1 CR of malignant ascites in compassionate use
|
| |
| | |
Nine Months Ended
September 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||
| | |
(USD, in thousands, except per share data)
|
| |||||||||||||||||||||
Consolidated Statements of Operations: | | | | | | ||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | $ | 5,722 | | | | | $ | 5,222 | | | | | $ | 6,229 | | | | | $ | 2,384 | | |
General and administrative expenses
|
| | | | 4,346 | | | | | | 2,288 | | | | | | 3,163 | | | | | | 2,258 | | |
Operating loss
|
| | | $ | 10,068 | | | | | $ | 7,510 | | | | | $ | 9,392 | | | | | $ | 4,642 | | |
Financing expense (income), net
|
| | | | 941 | | | | | | 138 | | | | | | 91 | | | | | | (37) | | |
Loss before taxes on income
|
| | | $ | 11,009 | | | | | $ | 7,648 | | | | | $ | 9,483 | | | | | $ | 4,605 | | |
Income tax
|
| | | | 461 | | | | | | 210 | | | | | | 323 | | | | | | 137 | | |
Net loss
|
| | | $ | 11,470 | | | | | $ | 7,858 | | | | | $ | 9,806 | | | | | $ | 4,742 | | |
Net loss per ordinary share, basic and diluted(1)
|
| | | $ | 0.98 | | | | | $ | 0.89 | | | | | $ | 1.09 | | | | | $ | 0.87 | | |
Number of shares used to compute basic and diluted loss per ordinary share (thousands of shares)
|
| | | | 11,666 | | | | | | 8,816 | | | | | | 9,025 | | | | | | 5,433 | | |
|
| | |
As of September 30, 2018
|
| |||||||||
| | |
Actual
|
| |
Pro
forma(1)(2) |
| ||||||
| | |
(USD, in thousands)
|
| |||||||||
Consolidated Statements of Financial Position Data: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,912 | | | | | $ | | | |
Working capital(3)
|
| | | | 3,961 | | | | | | | | |
Total assets
|
| | | | 15,203 | | | | | | | | |
Total liabilities
|
| | | | 14,970 | | | | | | | | |
Total shareholders’ equity
|
| | | | 233 | | | | | | | | |
| | |
NIS
|
| |
U.S. dollar ($)
|
| ||||||||||||||||||
| | |
Price Per
Ordinary Share |
| |
Price Per
Ordinary Share |
| ||||||||||||||||||
| | |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||
Annual | | | | | | | | | | | | | | | | | | | | | | | | | |
2019 (through January 6, 2019)
|
| | | | 9.70 | | | | | | 9.57 | | | | | | 2.61 | | | | | | 2.56 | | |
2018 | | | | | 17.10 | | | | | | 9.36 | | | | | | 4.93 | | | | | | 2.50 | | |
2017
|
| | | | 16.82 | | | | | | 7.75 | | | | | | 4.83 | | | | | | 2.19 | | |
2016
|
| | | | 9.40 | | | | | | 6.66 | | | | | | 2.44 | | | | | | 1.71 | | |
2015
|
| | | | 13.23 | | | | | | 8.18 | | | | | | 3.36 | | | | | | 2.15 | | |
2014
|
| | | | 28.65 | | | | | | 10.32 | | | | | | 8.23 | | | | | | 2.61 | | |
Quarterly | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter 2019 (through January 6, 2019)
|
| | | | 9.70 | | | | | | 9.57 | | | | | | 2.61 | | | | | | 2.56 | | |
Fourth Quarter 2018
|
| | | | 11.76 | | | | | | 9.36 | | | | | | 3.25 | | | | | | 2.50 | | |
Third Quarter 2018
|
| | | | 15.57 | | | | | | 11.13 | | | | | | 4.28 | | | | | | 3.09 | | |
Second Quarter 2018
|
| | | | 13.64 | | | | | | 11.50 | | | | | | 3.78 | | | | | | 3.20 | | |
First Quarter 2018
|
| | | | 17.10 | | | | | | 12.14 | | | | | | 4.93 | | | | | | 3.45 | | |
Fourth Quarter 2017
|
| | | | 16.82 | | | | | | 8.50 | | | | | | 4.83 | | | | | | 2.41 | | |
Third Quarter 2017
|
| | | | 9.55 | | | | | | 7.95 | | | | | | 2.67 | | | | | | 2.26 | | |
Second Quarter 2017
|
| | | | 13.53 | | | | | | 7.75 | | | | | | 3.73 | | | | | | 2.19 | | |
First Quarter 2017
|
| | | | 14.20 | | | | | | 8.40 | | | | | | 3.93 | | | | | | 2.19 | | |
Most Recent Six Months | | | | | | | | | | | | | | | | | | | | | | | | | |
January 2019 (through January 6, 2019)
|
| | | | 9.70 | | | | | | 9.57 | | | | | | 2.61 | | | | | | 2.56 | | |
December 2018
|
| | | | 11.49 | | | | | | 9.36 | | | | | | 3.08 | | | | | | 2.50 | | |
November 2018
|
| | | | 11.48 | | | | | | 10.41 | | | | | | 3.09 | | | | | | 2.80 | | |
October 2018
|
| | | | 11.76 | | | | | | 10.75 | | | | | | 3.25 | | | | | | 2.89 | | |
September 2018
|
| | | | 13.06 | | | | | | 11.13 | | | | | | 3.60 | | | | | | 3.09 | | |
August 2018
|
| | | | 15.37 | | | | | | 12.87 | | | | | | 4.14 | | | | | | 3.55 | | |
July 2018
|
| | | | 15.57 | | | | | | 13.24 | | | | | | 4.28 | | | | | | 3.62 | | |
| | |
NIS per dollar
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Average
|
| |
Period End
|
| ||||||||||||
Year Ended December 31, | | | | | | ||||||||||||||||||||
2019 (through January 6, 2019)
|
| | | | 3.746 | | | | | | 3.720 | | | | | | 3.736 | | | | | | 3.720 | | |
2018 | | | | | 3.781 | | | | | | 3.388 | | | | | | 3.597 | | | | | | 3.748 | | |
2017
|
| | | | 3.860 | | | | | | 3.467 | | | | | | 3.600 | | | | | | 3.467 | | |
2016
|
| | | | 3.983 | | | | | | 3.746 | | | | | | 3.841 | | | | | | 3.845 | | |
2015
|
| | | | 4.053 | | | | | | 3.761 | | | | | | 3.884 | | | | | | 3.902 | | |
2014
|
| | | | 3.994 | | | | | | 3.402 | | | | | | 3.577 | | | | | | 3.889 | | |
| | |
NIS per dollar
|
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
Month | | | | ||||||||||
January 2019 (through January 6, 2019)
|
| | | | 3.746 | | | | | | 3.720 | | |
December 2018
|
| | | | 3.781 | | | | | | 3.718 | | |
November 2018
|
| | | | 3.743 | | | | | | 3.668 | | |
October 2018
|
| | | | 3.721 | | | | | | 3.620 | | |
September 2018
|
| | | | 3.627 | | | | | | 3.564 | | |
August 2018
|
| | | | 3.710 | | | | | | 3.604 | | |
July 2018
|
| | | | 3.667 | | | | | | 3.618 | | |
| | |
As of September 30, 2018
|
| |||||||||
| | |
Actual
|
| |
As Adjusted(1)
|
| ||||||
| | |
(USD, in thousands, except share data)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 10,912 | | | | | $ | | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Ordinary shares, no par value: 30,000,000 shares authorized, 15,575,682
shares issued and outstanding (actual); shares issued and outstanding (as adjusted) |
| | | | — | | | | | | | | |
Additional paid-in capital
|
| | | | 70,469 | | | | | | | | |
Accumulated losses
|
| | | | (74,346) | | | | | | | | |
Share premium and other reserves
|
| | | | 4,110 | | | | | | | | |
Total shareholders’ equity
|
| | | $ | 233 | | | | | | | | |
Total capitalization
|
| | | $ | 11,145 | | | | | $ | | | |
|
|
Assumed initial public offering price per ADS
|
| | | $ | | | |
|
Consolidated net tangible book value per ADS as of September 30, 2018
|
| | | $ | | | |
|
Increase in consolidated net tangible book value per ADS attributable to this offering
|
| | | $ | | | |
|
Pro forma as adjusted net tangible book value per ADS after this offering
|
| | | $ | | | |
|
Dilution per ADS to new investors
|
| | | $ | | | |
|
Percentage of dilution per ADS to new investors
|
| | | | | | |
| | |
ADSs purchased
|
| |
Total consideration
|
| |
Average
price per share |
| |||||||||
| | |
Number
|
| |
%
|
| |
Amount
|
| |
%
|
| | |||||
Existing shareholders
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
New investors
|
| | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | | | | |
|
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||
| | |
(USD, in thousands, except per share data)
|
| |||||||||||||||||||||
Consolidated Statements of Operations: | | | | | | ||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | $ | 5,722 | | | | | $ | 5,222 | | | | | $ | 6,229 | | | | | $ | 2,384 | | |
General and administrative expenses
|
| | | | 4,346 | | | | | | 2,288 | | | | | | 3,163 | | | | | | 2,258 | | |
Operating loss
|
| | | $ | 10,068 | | | | | $ | 7,510 | | | | | $ | 9,392 | | | | | $ | 4,642 | | |
Financing expense (income), net
|
| | | | 941 | | | | | | 138 | | | | | | 91 | | | | | | (37) | | |
Loss before taxes on income
|
| | | $ | 11,009 | | | | | $ | 7,648 | | | | | $ | 9,483 | | | | | $ | 4,605 | | |
Income tax
|
| | | | 461 | | | | | | 210 | | | | | | 323 | | | | | | 137 | | |
Net loss
|
| | | $ | 11,470 | | | | | $ | 7,858 | | | | | $ | 9,806 | | | | | $ | 4,742 | | |
Net loss per ordinary share, basic and diluted(1)
|
| | | $ | 0.98 | | | | | $ | 0.89 | | | | | $ | 1.09 | | | | | $ | 0.87 | | |
Number of shares used to compute basic and diluted loss per ordinary share (thousands of shares)
|
| | | | 11,666 | | | | | | 8,816 | | | | | | 9,025 | | | | | | 5,433 | | |
|
| | |
As of
September 30, |
| |
As of
December 31, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| ||||||||||||
| | |
(USD, in thousands)
|
| |||||||||||||||||||||
Consolidated Statements of Financial Position Data: | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 10,912 | | | | | $ | 1,454 | | | | | $ | 4,564 | | | | | $ | 2,203 | | |
Working capital
|
| | | | 3,961 | | | | | | (842) | | | | | | 3,073 | | | | | | 1,993 | | |
Total assets
|
| | | | 15,203 | | | | | | 2,087 | | | | | | 5,655 | | | | | | 3,506 | | |
Total liabilities
|
| | | | 14,970 | | | | | | 2,696 | | | | | | 2,359 | | | | | | 1,367 | | |
Total shareholders’ equity (deficiency)
|
| | | | 233 | | | | | | (609) | | | | | | 3,296 | | | | | | 2,139 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
(USD, in thousands)
|
| | | |||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Research and development expenses
|
| | | $ | 1,372 | | | | | $ | 1,125 | | | | | $ | 5,722 | | | | | $ | 5,222 | | | | | $ | 6,229 | | | | | $ | 2,384 | | |
General and administrative expenses
|
| | | | 1,133 | | | | | | 777 | | | | | | 4,346 | | | | | | 2,288 | | | | | | 3,163 | | | | | | 2,258 | | |
Operating loss
|
| | | $ | 2,505 | | | | | $ | 1,902 | | | | | $ | 10,068 | | | | | $ | 7,510 | | | | | $ | 9,392 | | | | | $ | 4,642 | | |
Financing income
|
| | | | (12) | | | | | | (36) | | | | | | (12) | | | | | | (38) | | | | | | (1) | | | | | | (44) | | |
Financing expense
|
| | | | 72 | | | | | | 2 | | | | | | 953 | | | | | | 176 | | | | | | 92 | | | | | | 7 | | |
Financing expense (income), net
|
| | | | 60 | | | | | | (34) | | | | | | 941 | | | | | | 138 | | | | | | 91 | | | | | | (37) | | |
Loss before taxes on income
|
| | | $ | 2,565 | | | | | $ | 1,868 | | | | | $ | 11,009 | | | | | $ | 7,648 | | | | | $ | 9,483 | | | | | $ | 4,605 | | |
Income tax
|
| | | | 68 | | | | | | 57 | | | | | | 461 | | | | | | 210 | | | | | | 323 | | | | | | 137 | | |
Net loss
|
| | | $ | 2,633 | | | | | $ | 1,925 | | | | | $ | 11,470 | | | | | $ | 7,858 | | | | | $ | 9,806 | | | | | $ | 4,742 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||||||||||||||||||||
| | |
September 30,
2018 |
| |
June 30,
2018 |
| |
March 31,
2018 |
| |
December 31,
2017 |
| |
September 30,
2017 |
| |
June 30,
2017 |
| |
March 31,
2017 |
| |||||||||||||||||||||
| | |
(USD, in thousands)
|
| | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Research and development expenses
|
| | | | 1,372 | | | | | | 1,875 | | | | | | 2,475 | | | | | | 1,007 | | | | | | 1,125 | | | | | | 2,873 | | | | | | 1,224 | | |
General and administrative expenses
|
| | | | 1,133 | | | | | | 2,287 | | | | | | 926 | | | | | | 875 | | | | | | 777 | | | | | | 734 | | | | | | 777 | | |
Operating loss
|
| | | | 2,505 | | | | | | 4,162 | | | | | | 3,401 | | | | | | 1,882 | | | | | | 1,902 | | | | | | 3,607 | | | | | | 2,001 | | |
Financing expense (income), net
|
| | | | 60 | | | | | | 806 | | | | | | 75 | | | | | | (47) | | | | | | (34) | | | | | | (22) | | | | | | 194 | | |
Loss before taxes on income
|
| | | | 2,565 | | | | | | 4,968 | | | | | | 3,476 | | | | | | 1,835 | | | | | | 1,868 | | | | | | 3,585 | | | | | | 2,195 | | |
Income tax
|
| | | | 68 | | | | | | 330 | | | | | | 63 | | | | | | 113 | | | | | | 57 | | | | | | 96 | | | | | | 57 | | |
Net loss
|
| | | | 2,633 | | | | | | 5,298 | | | | | | 3,539 | | | | | | 1,948 | | | | | | 1,925 | | | | | | 3,681 | | | | | | 2,252 | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Year Ended
December 31, |
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
(USD, in thousands)
|
| | | |||||||||||||||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (6,627) | | | | | $ | (1,383) | | | | | $ | (11,223) | | | | | $ | (6,626) | | | | | $ | (8,515) | | | | | $ | (3,732) | | |
Net cash provided by (used in) investing activities
|
| | | | (154) | | | | | | (24) | | | | | | (312) | | | | | | (26) | | | | | | (34) | | | | | | 78 | | |
Net cash provided by (used in) financing activities
|
| | | | (1,739) | | | | | | (297) | | | | | | 21,162 | | | | | | 5,235 | | | | | | 5,242 | | | | | | 6,063 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | (8,520) | | | | | $ | (1,704) | | | | | $ | 9,627 | | | | | $ | (1,417) | | | | | $ | (3,307) | | | | | $ | 2,409 | | |
|
| | |
Payment due by period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
| | |
(USD, in thousands)
|
| |||||||||||||||||||||||||||
Operating lease obligations
|
| | | | 1,700 | | | | | | 490 | | | | | | 840 | | | | | | 370 | | | | | | — | | |
Other long-term clinical liabilities**
|
| | | | 11,820 | | | | | | 4,027 | | | | | | 6,850 | | | | | | 943 | | | | | | — | | |
| | |
As of September 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||
| | |
(NIS value)
|
| |
(NIS value)
|
| ||||||||||||||||||
1 U.S. dollar
|
| | | | 3.627 | | | | | | 3.529 | | | | | | 3.467 | | | | | | 3.845 | | |
1 Euro
|
| | | | 4.216 | | | | | | 4.157 | | | | | | 4.153 | | | | | | 4.044 | | |
| | | | | |
PRODUCT
CANDIDATE |
| | |
TRIAL
|
| | |
RESULTS
|
| | ||||||||
| |
INDICATION
|
| | |
Phase 1
|
| | |
Phase 2
|
| | |
Phase 3
|
| | ||||||||
| |
NMIBC
|
| | |
Inodiftagene
|
| | |
Phase 1/2
|
| | | | | | | | | | |
No DLT, no MTD; 22% CR, 22% PR
|
| |
| | | | | Phase 2 | | | | | | | | 33% CR; 1-yr RFS 46% | | | |||||||||
| | | | |
Pivotal Phase 2 Codex Clinical Trial
|
| | | | | | | Initiation 4Q2018 | | | |||||||||
|
Inodiftagene with BCG
|
| | | | | | |
Phase 2
|
| | | | | | |
Feasible; 3 month RFS 95%; 6 month RFS 78%
|
| | |||||
| | | | | | | | |
Pivotal Phase 3 Leo Clinical Trial
|
| | | Planned for 2019 | | | |||||||||
| |
Pancreatic cancer
|
| | |
Inodiftagene
|
| | |
Phase 1/2
|
| | | | | | | | | | |
2 PR in inodiftagene alone patients
|
| |
|
Inodiftagene with gemcitabine
|
| | | | | | | Phase 2 | | | | | | | |
1 PR; median PFS 7.6-9.3 months
|
| | |||||
| | Ovarian cancer | | | | Inodiftagene | | | | | | | | Phase 2 | | | | | | | |
1 CR of malignant ascites in compassionate use
|
| |
| | |
As of September 30,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Administrative
|
| | | | 7 | | | | | | 7 | | |
Research and development
|
| | | | 10 | | | | | | 10 | | |
Total
|
| | | | 17 | | | | | | 17 | | |
|
Name
|
| |
Age
|
| |
Position
|
|
Dr. Frank G. Haluska | | |
60
|
| | Chief Executive Officer and Director | |
Jonathan Burgin | | |
57
|
| | Chief Financial Officer and Chief Operating Officer | |
Dr. David Kerstein | | |
36
|
| | Chief Medical Officer | |
Dr. Ron Knickerbocker | | |
52
|
| |
Senior Vice President of Clinical Development and Data Sciences
|
|
Dr. Michal Gilon Ohev-Zion | | |
40
|
| | Vice President of Research and Development | |
Sean Daly | | |
46
|
| | Vice President of Clinical Operations | |
Dr. Stephen Hoffman | | |
64
|
| | Chairman of the Board of Directors | |
Ruth Alon(1)(2)
|
| |
67
|
| | External Director | |
Robert Connelly | | |
58
|
| | Director | |
Reginald Hardy(2) | | |
61
|
| | Director | |
Dr. Lawrence Howard | | |
65
|
| | Director | |
Isaac Kohlberg | | |
67
|
| | Director | |
Efrat Makov(1)(2)
|
| |
50
|
| | External Director | |
Dennison Veru(1) | | |
57
|
| | Director | |
Name and Principal Position
|
| |
Salary(1)
(USD in thousands) |
| |
Bonus(2)
(USD in thousands) |
| |
Equity-Based
Compensation(3) (USD in thousands) |
| |
Total
(USD in thousands) |
| ||||||||||||
Dr. Frank G. Haluska
Chief Executive Officer |
| | | | 440 | | | | | | — | | | | | | 476 | | | | | | 916 | | |
Dr. Yan Moore(4)
Chief Medical Officer |
| | | | 309 | | | | | | 25 | | | | | | 115 | | | | | | 449 | | |
Mr. Jonathan Burgin
Chief Financial and Operating Officer |
| | | | 217 | | | | | | — | | | | | | 43 | | | | | | 260 | | |
Dr. Michal Gilon – Ohev-Zion
Vice President of Research and Development |
| | | | 134 | | | | | | — | | | | | | 18 | | | | | | 152 | | |
Mr. Or Dolev
Controller |
| | | | 114 | | | | | | — | | | | | | 8 | | | | | | 122 | | |
Name of Beneficial Owner
|
| |
Shares Beneficially
Owned Prior to Offering |
| |
Shares Beneficially
Owned After Offering |
| ||||||||||||
|
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||
5% or greater shareholders | | | | | | | | | | | | | | | | | | | |
Clal Biotechnology Industries Ltd.(1)
|
| | | | 5,822,157 | | | | | | 35.04% | | | |
|
| |
|
|
Shavit Capital Funds(2)
|
| | | | 3,748,268 | | | | | | 21.74% | | | | | | | | |
Edgewater Partner Holdings Ltd.(3)
|
| | | | 1,923,077 | | | | | | 12.35% | | | | | | | | |
Palisade Medical Equity I, LP(4)
|
| | | | 1,848,200 | | | | | | 11.87% | | | | | | | | |
Directors and executive officers | | | | | | | | | | | | | | | | | | | |
Dr. Frank G. Haluska
|
| | | | 865,318 | | | | | | 5.27% | | | | | | | | |
Jonathan Burgin
|
| | | | 51,537 | | | | | | * | | | | | | | | |
Dr. David Kerstein
|
| | | | — | | | | | | — | | | | | | | | |
Name of Beneficial Owner
|
| |
Shares Beneficially
Owned Prior to Offering |
| |
Shares Beneficially
Owned After Offering |
| ||||||||||||
|
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||
Dr. Ron Knickerbocker
|
| | | | — | | | | | | — | | | | | | | | |
Dr. Michal Gilon Ohev-Zion
|
| | | | 22,254 | | | | | | * | | | | | | | | |
Sean Daly
|
| | | | — | | | | | | — | | | | | | | | |
Dr. Stephen Hoffman
|
| | | | — | | | | | | — | | | | | | | | |
Ruth Alon
|
| | | | 133 | | | | | | * | | | | | | | | |
Robert Connelly
|
| | | | — | | | | | | — | | | | | | | | |
Reginald Hardy
|
| | | | — | | | | | | — | | | | | | | | |
Dr. Lawrence Howard
|
| | | | — | | | | | | — | | | | | | | | |
Isaac Kohlberg
|
| | | | — | | | | | | — | | | | | | | | |
Efrat Makov
|
| | | | — | | | | | | — | | | | | | | | |
Dennison Veru
|
| | | | — | | | | | | — | | | | | | | | |
All directors and executive officers as a group
(14 persons) |
| | | | 939,242 | | | | | | 5.70% | | | | | | | | |
|
Persons depositing or withdrawing ordinary shares or ADS holders must pay |
| |
For
|
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) |
| | Issuance of ADSs, including issuances resulting from a distribution of ordinary shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
$.05 (or less) per ADS | | | Any cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been ordinary shares and the ordinary shares had been deposited for issuance of ADSs | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
$.05 (or less) per ADS per calendar year | | | Depositary services | |
Registration or transfer fees | | | Transfer and registration of ordinary shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw ordinary shares | |
Expenses of the depositary | | | Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) Converting foreign currency to U.S. dollars |
|
Persons depositing or withdrawing ordinary shares or ADS holders must pay |
| |
For
|
|
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Underwriter
|
| |
Number
of ADSs |
| |||
Oppenheimer & Co.
|
| |
|
| |||
Ladenburg Thalmann & Co. Inc.
|
| | |||||
| | | | | | | |
Total
|
| | | | | | |
|
| | |
Per
ADS |
| |
Total Without
Exercise of Over-Allotment Option |
| |
Total With Full
Exercise of Over-Allotment Option |
| |||||||||
Public offering price
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Underwriting discounts and commissions
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | |
Itemized expense
|
| |
Amount
|
| |||
SEC registration fee
|
| | | $ | * | | |
FINRA filing fee
|
| | | | * | | |
Nasdaq Capital Market listing fee
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Transfer agent and registrar fees
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Miscellaneous
|
| | | | * | | |
Total
|
| | | $ | * | | |
|
| | |
Page
|
| |||
| | | | F-2 | | | |
Consolidated Financial Statements: | | | |||||
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Condensed Consolidated Interim Financial Statements: | | | | | | | |
| | | | F-33 | | | |
| | | | F-34 | | | |
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | |
$ thousands
|
| |
Note
|
| |
2017
|
| |
2016
|
| |
2015*
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 4 | | | | |
|
1,454
|
| | | | | 4,564 | | | | | | 2,203 | | |
Other investments
|
| | | | | | | | |
|
—
|
| | | | | — | | | | | | 151 | | |
Receivables
|
| | | | 5 | | | | |
|
400
|
| | | | | 868 | | | | | | 969 | | |
Total current assets
|
| | | | | | | | |
|
1,854
|
| | | | | 5,432 | | | | | | 3,323 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term prepaid expenses
|
| | | | | | | | |
|
11
|
| | | | | 7 | | | | | | 7 | | |
Asset for employee benefits, net
|
| | | | | | | | |
|
3
|
| | | | | 3 | | | | | | — | | |
Fixed assets, net
|
| | | | | | | | |
|
219
|
| | | | | 213 | | | | | | 176 | | |
Total non-current assets
|
| | | | | | | | |
|
233
|
| | | | | 223 | | | | | | 183 | | |
Total assets
|
| | | | | | | | |
|
2,087
|
| | | | | 5,655 | | | | | | 3,506 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | | |
|
160
|
| | | | | 107 | | | | | | 588 | | |
Other payables
|
| | | | 6 | | | | |
|
2,381
|
| | | | | 2,111 | | | | | | 584 | | |
Short-term employee benefits
|
| | | | | | | | |
|
155
|
| | | | | 141 | | | | | | 158 | | |
Total current liabilities
|
| | | | | | | | |
|
2,696
|
| | | | | 2,359 | | | | | | 1,330 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities for employee benefits, net
|
| | | | | | | | |
|
—
|
| | | | | — | | | | | | 37 | | |
Total non-current liabilities
|
| | | | | | | | |
|
—
|
| | | | | — | | | | | | 37 | | |
Total liabilities
|
| | | | | | | | |
|
2,696
|
| | | | | 2,359 | | | | | | 1,367 | | |
Contingent liabilities and commitments | | | |
|
7
|
| | | | | | | | | | | | | | | | | | | |
Equity | | | |
|
8
|
| | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 17D | | | | |
|
—
|
| | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | | |
|
60,043
|
| | | | | 54,983 | | | | | | 49,334 | | |
Currency translation differences reserve
|
| | | | | | | | |
|
457
|
| | | | | 197 | | | | | | 185 | | |
Capital reserve from share-based payments
|
| | | | 9 | | | | |
|
1,767
|
| | | | | 1,186 | | | | | | 948 | | |
Accumulated loss
|
| | | | | | | | |
|
(62,876)
|
| | | | | (53,070) | | | | | | (48,328) | | |
Total equity (deficiency)
|
| | | | | | | | |
|
(609)
|
| | | | | 3,296 | | | | | | 2,139 | | |
Total liabilities and equity
|
| | | | | | | | |
|
2,087
|
| | | | | 5,655 | | | | | | 3,506 | | |
|
|
/s/ Lawrence Howard
Chairman of the Board
|
| |
/s/ Frank Haluska
Chief Executive Officer
|
| |
/s/ Jonathan Burgin
Chief Operating Officer &
Chief Financial Officer |
|
$ thousands (other than per share amounts)
|
| |
Note
|
| |
2017
|
| |
2016
|
| |||||||||
Research and development expenses
|
| | | | 11 | | | | |
|
6,229
|
| | | | | 2,384 | | |
General and administrative expenses
|
| | | | 12 | | | | |
|
3,163
|
| | | | | 2,258 | | |
Operating loss
|
| | | | | | | | | | 9,392 | | | | |
|
4,642
|
| |
Financing income
|
| | | | 13 | | | | |
|
(1)
|
| | | | | (44) | | |
Financing expenses
|
| | | | 13 | | | | |
|
92
|
| | | | | 7 | | |
Financing expenses (income), net
|
| | | | | | | | | | 91 | | | | |
|
(37)
|
| |
Loss before income tax
|
| | | | | | | | | | 9,483 | | | | |
|
4,605
|
| |
Income tax
|
| | | | 14 | | | | |
|
323
|
| | | | | 137 | | |
Net loss
|
| | | | | | | | | | 9,806 | | | | |
|
4,742
|
| |
Loss per share (in $): | | | | | | | | | | | | | | | | | | | |
Basic and diluted loss
|
| | | | 15 | | | | |
|
1.09
|
| | | | | 0.87 | | |
|
$ thousands
|
| |
2017
|
| |
2016
|
| ||||||
Loss for the year
|
| | |
|
9,806
|
| | | | | 4,742 | | |
Other comprehensive income items that will not be transferred to statement of operations | | | | | | | | | | | | | |
Currency translation differences
|
| | |
|
(260)
|
| | | | | (12) | | |
Total comprehensive loss for the year
|
| | |
|
9,546
|
| | | | | 4,730 | | |
|
$ thousands
|
| |
Share
capital* |
| |
Additional
paid-in capital |
| |
Currency
translation differences reserve |
| |
Capital
reserve from share-based payments |
| |
Accumulated
loss |
| |
Total
equity (deficiency) |
| ||||||||||||||||||
Balance as at January 1, 2017
|
| | | | — | | | | | | 54,983 | | | | | | 197 | | | | | | 1,186 | | | | | | (53,070) | | | | | | 3,296 | | |
Issuance of shares, net
|
| | | | — | | | | | | 4,911 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,911 | | |
Expiration of options
|
| | | | — | | | | | | 149 | | | | | | — | | | | | | (149) | | | | | | — | | | | | | — | | |
Share-based payment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 730 | | | | | | — | | | | | | 730 | | |
| | | | | — | | | | | | 5,060 | | | | | | — | | | | | | 581 | | | | | | — | | | | | | 5,641 | | |
Comprehensive income for the year
|
| | | | — | | | | | | — | | | | | | 260 | | | | | | — | | | | | | — | | | | | | 260 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,806) | | | | | | (9,806) | | |
| | | | | — | | | | | | — | | | | | | 260 | | | | | | — | | | | | | (9,806) | | | | | | (9,546) | | |
Balance as at December 31, 2017
|
| | | | — | | | | | | 60,043 | | | | | | 457 | | | | | | 1,767 | | | | | | (62,876) | | | | | | (609) | | |
Balance as at January 1, 2016
|
| | | | — | | | | | | 49,334 | | | | | | 185 | | | | | | 948 | | | | | | (48,328) | | | | | | 2,139 | | |
Issuance of shares, net
|
| | | | — | | | | | | 5,617 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,617 | | |
Expiration of options
|
| | | | — | | | | | | 32 | | | | | | — | | | | | | (32) | | | | | | — | | | | | | — | | |
Share-based payment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 270 | | | | | | — | | | | | | 270 | | |
| | | | | — | | | | | | 5,649 | | | | | | — | | | | | | 238 | | | | | | — | | | | | | 5,887 | | |
Comprehensive income for the year
|
| | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | 12 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,742) | | | | | | (4,742) | | |
| | | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | (4,742) | | | | | | (4,730) | | |
Balance as at December 31, 2016
|
| | | | — | | | | | | 54,983 | | | | | | 197 | | | | | | 1,186 | | | | | | (53,070) | | | | | | 3,296 | | |
|
$ thousands
|
| |
Note
|
| |
2017
|
| |
2016
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Loss for the year
|
| | | | | | | | |
|
(9,806)
|
| | | | | (4,742) | | |
Financing costs, net
|
| | | | | | | | |
|
259
|
| | | | | 55 | | |
Depreciation
|
| | | | | | | | |
|
51
|
| | | | | 41 | | |
Share-based payments
|
| | | | 9 | | | | |
|
730
|
| | | | | 270 | | |
Taxes on income
|
| | | | 14 | | | | |
|
323
|
| | | | | 137 | | |
Change in receivables
|
| | | | 5 | | | | |
|
204
|
| | | | | 116 | | |
Change in trade payables
|
| | | | | | | | |
|
44
|
| | | | | (491) | | |
Change in other payables
|
| | | | 6 | | | | |
|
46
|
| | | | | 940 | | |
Change in employee benefits
|
| | | | | | | | |
|
(2)
|
| | | | | (60) | | |
Change in long-term prepaid expenses
|
| | | | | | | | |
|
(3)
|
| | | | | 1 | | |
Taxes paid
|
| | | | | | | | |
|
(362)
|
| | | | | — | | |
Interest received
|
| | | | 13 | | | | |
|
1
|
| | | | | 1 | | |
Net cash used in operating activities
|
| | | | | | | | |
|
(8,515)
|
| | | | | (3,732) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Change in other investment
|
| | | | | | | | |
|
—
|
| | | | | 153 | | |
Purchase of fixed assets
|
| | | | | | | | |
|
(34)
|
| | | | | (75) | | |
Net cash from (used in) investing activities
|
| | | | | | | | |
|
(34)
|
| | | | | 78 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of shares
|
| | | | 8 | | | | |
|
5,665
|
| | | | | 6,503 | | |
Issuance costs
|
| | | | | | | | |
|
(423)
|
| | | | | (440) | | |
Net cash from financing activities
|
| | | | | | | | |
|
5,242
|
| | | | | 6,063 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | | | | | | | (3,307) | | | | |
|
2,409
|
| |
Cash and cash equivalents at the beginning of the year
|
| | | | | | | | |
|
4,564
|
| | | | | 2,203 | | |
Effect of exchange rate differences on cash and cash equivalents
|
| | | | | | | | |
|
197
|
| | | | | (48) | | |
Cash and cash equivalents at the end of the year
|
| | | | 4 | | | | |
|
1,454
|
| | | | | 4,564 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
| | |
$ thousands
|
| |||||||||
Denominated in NIS: | | | | | | | | | | | | | |
Cash
|
| | | | 304 | | | | | | 239 | | |
Cash equivalents
|
| | | | 18 | | | | | | 10 | | |
Denominated in other currencies: | | | | | | | | | | | | | |
Cash
|
| | | | 1,132 | | | | | | 4,315 | | |
| | | | | 1,454 | | | | | | 4,564 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
| | |
$ thousands
|
| |||||||||
Government authorities
|
| | | | 73 | | | | | | 129 | | |
Deferred issuance expenses
|
| | | | 265 | | | | | | 559 | | |
Prepaid expenses
|
| | | | 47 | | | | | | 169 | | |
Other
|
| | | | 15 | | | | | | 11 | | |
| | | | | 400 | | | | | | 868 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
| | |
$ thousands
|
| |||||||||
Institutions and employees for salary
|
| | | | 96 | | | | | | 143 | | |
Accrued expenses
|
| | | | 2,285 | | | | | | 1,968 | | |
| | | | | 2,381 | | | | | | 2,111 | | |
|
| | |
$ thousands
|
| |||
2018
|
| | | | 53 | | |
2019
|
| | | | 32 | | |
2020
|
| | | | 14 | | |
| | | | | 99 | | |
|
| | |
Number of ordinary shares
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
In thousands of shares
|
| | | | | | | | | | | | |
Issued and paid up share capital as of January 1
|
| | | | 7,400 | | | | | | 4,889 | | |
Issued during the year
|
| | | | 2,213 | | | | | | 2,511 | | |
Issued and paid up share capital as of December 31
|
| | | | 9,613 | | | | | | 7,400 | | |
Authorized capital
|
| | | | 19,000 | | | | | | 19,000 | | |
|
Date
|
| |
Class
|
| |
Shares
|
| |
Consideration
(gross in USD thousands) |
| |
Participation
of the controlling shareholder (USD thousands) |
| |
Issuance
expenses (USD thousands) |
| ||||||||||||
April 2017
|
| |
Public offering of shares(1)
|
| | | | 2,213,430 | | | | | | 5,665 | | | | | | — | | | | | | 754* | | |
October 2016
|
| | Private placement(2) | | | | | 2,307,692 | | | | | | 5,971 | | | | | | — | | | | | | 847** | | |
June 2016
|
| | Rights issue(3) | | | | | 202,805 | | | | | | 532 | | | | | | 519 | | | | | | 39 | | |
Grant Date
|
| |
Number of
options |
| |
No. of
underlying shares(1) |
| |
Exercise
price per share(1) |
| |
Actual
vesting date |
| |
Contractual
life of options |
| |||||||||
2008
|
| | | | 335,000 | | | | | | 3,945 | | | | | $ | 31.09 | | | |
3 – 4 years(2)
|
| |
10 years
|
|
2009
|
| | | | 38,000 | | | | | | 447 | | | | | $ | 77.65 | | | |
4 years(2)
|
| |
10 years
|
|
2010
|
| | | | 30,000* | | | | | | 353 | | | | | $ | 77.65 | | | |
3 years(3)
|
| |
10 years
|
|
| | | | | 140,000 | | | | | | 1,649 | | | | | $ | 69.80 | | | |
3 years(3)
|
| |
10 years
|
|
2011
|
| | | | 300,000* | | | | | | 3,533 | | | | | $ | 71.04 | | | |
4 years(2)
|
| |
10 years
|
|
2013
|
| | | | 150,000 | | | | | | 1,766 | | | | | $ | 24.98 | | | |
4 years(2)
|
| |
10 years
|
|
2014
|
| | | | 130,000* | | | | | | 14,639 | | | | | $ | 6.75 | | | |
4 years(2)
|
| |
10 years
|
|
2015
|
| | | | 20,000 | | | | | | 2,252 | | | | | $ | 3.37 | | | |
4 years(2)
|
| |
10 years
|
|
| | | | | 201,000* | | | | | | 20,100 | | | | | $ | 3.49 | | | |
4 years(2)
|
| |
10 years
|
|
2016
|
| | | | 5,627,816* | | | | | | 562,782 | | | | | $ | 2.60 | | | |
4 years(4)
|
| |
10 years
|
|
2017
|
| | | | 1,649,416* | | | | | | 164,942 | | | | | $ | 2.90 | | | |
4 years(4)
|
| |
10 years
|
|
| | | | | 1,010,000* | | | | | | 101,000 | | | | | $ | 2.90 | | | |
4 years(5)
|
| |
10 years
|
|
| | | | | 3,193,533* | | | | | | 319,353 | | | | | $ | 2.62 | | | |
4 years(5)
|
| |
10 years
|
|
| | | | | 40,000 | | | | | | 4,000 | | | | | $ | 2.50 | | | |
4 years(5)
|
| |
10 years
|
|
| | | | | 20,000 | | | | | | 20,000 | | | | | $ | 3.90 | | | |
2 years(6)
|
| |
10 years
|
|
Total as of December 31, 2017
|
| | | | 12,884,765 | | | | | | 1,220,761 | | | | | | | | | | | | | | |
|
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Underlying
shares |
| |
Weighted
average exercise price per share |
| |
Underlying
shares |
| |
Weighted
average exercise price per share |
| ||||||||||||
| | | | | | | | |
$
|
| | | | | | | |
$
|
| ||||||
Outstanding at the beginning of the year
|
| | | | 633,052 | | | | | | | | | | | | 81,651 | | | | | | | | |
Granted during the year
|
| | | | 609,295* | | | | | | 2.80 | | | | | | 562,782 | | | | | | 2.60 | | |
Forfeited during the year
|
| | | | (1,428) | | | | | | 4.04 | | | | | | (8,602) | | | | | | 4.04 | | |
Expired during the year
|
| | | | (20,158) | | | | | | 50.70 | | | | | | (2,779) | | | | | | 1.92 | | |
Total shares arising from options outstanding at the
end of the year |
| | | | 1,220,761 | | | | | | 3.12 | | | | | | 633,052 | | | | | | 2.38 | | |
|
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||
| | |
Number of
underlying shares |
| |
Average
Exercise price per share |
| |
Number of
underlying shares |
| |
Average
Exercise price per share |
| ||||||||||||
| | | | | 265,168 | | | | | $ | 5.10 | | | | | | 53,696 | | | | | $ | 21.08 | | |
|
| | |
Granted in
2017 |
| |
Granted in
2016 |
|
Fair value at the grant date(1)
|
| |
$1.1 million
|
| |
$0.9 million
|
|
The following parameters were used in the model: | | | | | | | |
Share price at the grant date
|
| |
$2.54 – $3.92
|
| |
$2.30
|
|
Exercise price
|
| |
$2.62 – $3.92
|
| |
$2.60
|
|
Expected volatility(2)
|
| |
66.9% – 78.1%
|
| |
69.23%
|
|
Expected life of the option(3)
|
| |
5.13 – 7.06 years
|
| |
7 years
|
|
Risk-free interest rate(4)
|
| |
0.86% – 2.75%
|
| |
2.06%
|
|
Rate of expected dividends
|
| |
—
|
| |
—
|
|
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
Carrying amount
|
| |||||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Cash and cash equivalents
|
| | | | 1,454 | | | | | | 4,564 | | |
Receivables
|
| | | | 73 | | | | | | 129 | | |
| | | | | 1,527 | | | | | | 4,693 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
Carrying amount
|
| |||||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Financial liabilities | | | | | | | | | | | | | |
Trade payables
|
| | | | 160 | | | | | | 107 | | |
Other payables
|
| | | | 2,285 | | | | | | 1,968 | | |
Total
|
| | | | 2,445 | | | | | | 2,075 | | |
|
| | |
December 31, 2017
|
| |||||||||||||||||||||
| | |
NIS
|
| |
NIS
CPI-Linked |
| |
In other
currency |
| |
Total
|
| ||||||||||||
| | |
$ thousands
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 322 | | | | | | — | | | | | | 1,132 | | | | | | 1,454 | | |
Receivables
|
| | | | — | | | | | | 73 | | | | | | — | | | | | | 73 | | |
| | | | | 322 | | | | | | 73 | | | | | | 1,132 | | | | | | 1,527 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 100 | | | | | | — | | | | | | 60 | | | | | | 160 | | |
Other payables
|
| | | | 501 | | | | | | — | | | | | | 1,784 | | | | | | 2,285 | | |
| | | | | 601 | | | | | | — | | | | | | 1,844 | | | | | | 2,445 | | |
|
| | |
December 31, 2016
|
| |||||||||||||||||||||
| | |
NIS
|
| |
NIS
CPI-Linked |
| |
In other
currency |
| |
Total
|
| ||||||||||||
| | |
$ thousands
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 249 | | | | | | — | | | | | | 4,315 | | | | | | 4,564 | | |
Receivables
|
| | | | — | | | | | | 129 | | | | | | — | | | | | | 129 | | |
| | | | | 249 | | | | | | 129 | | | | | | 4,315 | | | | | | 4,693 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 67 | | | | | | — | | | | | | 40 | | | | | | 107 | | |
Other payables
|
| | | | 429 | | | | | | — | | | | | | 1,539 | | | | | | 1,968 | | |
| | | | | 496 | | | | | | — | | | | | | 1,579 | | | | | | 2,075 | | |
|
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||
| | |
Increase
|
| |
Decrease
|
| |
Increase
|
| |
Decrease
|
| ||||||||||||
| | |
Equity and
profit or loss |
| |
Equity and
profit or loss |
| |
Equity and
profit or loss |
| |
Equity and
profit or loss |
| ||||||||||||
Change of 5% in the CPI
|
| | | | 4 | | | | | | (4) | | | | | | 7 | | | | | | (7) | | |
Change of 5% in the $/NIS exchange rate
|
| | | | (47) | | | | | | 47 | | | | | | 136 | | | | | | (136) | | |
Change of 5% in the EUR/NIS exchange rate
|
| | | | 11 | | | | | | (11) | | | | | | 1 | | | | | | (1) | | |
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Fixed-interest instruments | | | | | | | | | | | | | |
Financial assets
|
| | | | 73 | | | | | | 129 | | |
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Clinical trial materials
|
| | | | 1,982 | | | | | | 16 | | |
Development of production processes
|
| | | | 1,810 | | | | | | 1,013 | | |
Salaries, wages and incidentals
|
| | | | 957 | | | | | | 696 | | |
Clinical trial management
|
| | | | 766 | | | | | | 195 | | |
Sub-contractors
|
| | | | 232 | | | | | | 236 | | |
Share-based payment
|
| | | | 180 | | | | | | 10 | | |
Patents
|
| | | | 119 | | | | | | 61 | | |
Research materials, auxiliary materials and consumer goods
|
| | | | 71 | | | | | | 58 | | |
Depreciation
|
| | | | 48 | | | | | | 41 | | |
Other
|
| | | | 64 | | | | | | 58 | | |
| | | | | 6,229 | | | | | | 2,384 | | |
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Salaries, wages and incidentals
|
| | | | 1,080 | | | | | | 794 | | |
Share-based payment
|
| | | | 550 | | | | | | 260 | | |
Remuneration of directors
|
| | | | 132 | | | | | | 174 | | |
Professionals and consultants
|
| | | | 571 | | | | | | 618 | | |
Rent, maintenance and insurance
|
| | | | 249 | | | | | | 131 | | |
Investor relations and business development
|
| | | | 367 | | | | | | 78 | | |
Travel
|
| | | | 162 | | | | | | 129 | | |
Fees
|
| | | | 20 | | | | | | 33 | | |
Miscellaneous
|
| | | | 32 | | | | | | 41 | | |
| | | | | 3,163 | | | | | | 2,258 | | |
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |
$ thousands
|
| ||||||
Financing income | | | | | | | | | | | | | |
Interest income from deposits
|
| | | | 1 | | | | | | 1 | | |
Net gain from change in exchange rates
|
| | | | — | | | | | | 43 | | |
Financing income recognized in statement of operations
|
| | | | 1 | | | | | | 44 | | |
Financing expenses | | | | | | | | | | | | | |
Net loss from change in exchange rates
|
| | | | 87 | | | | | | — | | |
Interest expenses, bank fees and other
|
| | | | 5 | | | | | | 7 | | |
Financing expenses recognized in statement of operations
|
| | | | 92 | | | | | | 7 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |||||||||
Losses for tax purposes
|
| | | | 54,290 | | | | | | 42,003 | | |
Deductible temporary differences
|
| | | | 7,038 | | | | | | 3,742 | | |
Capital loss for tax purposes
|
| | | | 14,828 | | | | | | 13,370 | | |
| | | | | 76,156 | | | | | | 59,115 | | |
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
$ thousands
|
| |||||||||
Loss before income tax
|
| | | | (9,483) | | | | | | (4,605) | | |
Principal statutory tax rate of the Company
|
| | | | 24% | | | | | | 25% | | |
Tax calculated at the Company’s principal tax rate
|
| | | | (2,276) | | | | | | (1,151) | | |
Addition (saving) in tax liability for: | | | | | | | | | | | | | |
Unrecognized expenses
|
| | | | 62 | | | | | | 69 | | |
Different tax rate in subsidiaries operating outside of Israel
|
| | | | 129 | | | | | | 52 | | |
Change in temporary differences for which deferred taxes were not recognized
|
| | | | 558 | | | | | | (506) | | |
Losses and benefits for tax purposes for the year, for which deferred taxes were not recorded
|
| | | | 1,850 | | | | | | 1,673 | | |
Taxes on income from continuing operations
|
| | | | 323 | | | | | | 137 | | |
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
In thousands of shares
|
| | | | | | | | | | | | |
Balance as at January 1
|
| | | | 7,400 | | | | | | 4,889 | | |
Effect of shares issued during the year
|
| | | | 1,625 | | | | | | 544 | | |
Weighted average number of ordinary shares used to calculate basic loss per share
|
| | | | 9,025 | | | | | | 5,433 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Number of
people in the year |
| |
Expenditure in
$ thousands |
| |
Number of
people in the year |
| |
Expenditure in
$ thousands |
| ||||||||||||
Short-term employee benefits (including salaries)
|
| | | | 3 | | | | | | 970 | | | | | | 4 | | | | | | 624 | | |
Post-employment benefits
|
| | | | 1 | | | | | | 13 | | | | | | 2 | | | | | | 21 | | |
Share-based payments
|
| | | | 5 | | | | | | 628 | | | | | | 5 | | | | | | 260 | | |
Salary and insurance for directors
|
| | | | 9 | | | | | | 146 | | | | | | 9 | | | | | | 187 | | |
| | | | | | | | | | | 1,757 | | | | | | | | | | | | 1,092 | | |
|
$ thousands
|
| |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
|
10,912
|
| | | | | 1,454 | | |
Receivables
|
| | |
|
3,009
|
| | | | | 400 | | |
Total current assets
|
| | | | 13,921 | | | | |
|
1,854
|
| |
Non-current assets | | | | | | | | | | | | | |
Long-term prepaid expenses
|
| | |
|
808
|
| | | | | 11 | | |
Long-term pledged deposits
|
| | |
|
124
|
| | | | | — | | |
Asset for employee benefits, net
|
| | |
|
3
|
| | | | | 3 | | |
Fixed assets, net
|
| | |
|
347
|
| | | | | 219 | | |
Total non-current assets
|
| | | | 1,282 | | | | |
|
233
|
| |
Total assets
|
| | | | 15,203 | | | | |
|
2,087
|
| |
Current liabilities | | | | | | | | | | | | | |
Trade payables
|
| | |
|
808
|
| | | | | 160 | | |
Other payables
|
| | |
|
1,608
|
| | | | | 2,381 | | |
Short-term employee benefits
|
| | |
|
539
|
| | | | | 155 | | |
Derivative instruments
|
| | |
|
7,005
|
| | | | | — | | |
Total current liabilities
|
| | | | 9,960 | | | | |
|
2,696
|
| |
Non-current liabilities | | | | | | | | | | | | | |
Derivative instruments
|
| | |
|
5,010
|
| | | | | — | | |
Total liabilities
|
| | | | 14,970 | | | | |
|
2,696
|
| |
Equity | | | | | | | | | | | | | |
Share capital*
|
| | |
|
—
|
| | | | | — | | |
Additional paid-in capital
|
| | |
|
70,469
|
| | | | | 60,043 | | |
Capital reserve from share-based payments
|
| | |
|
3,328
|
| | | | | 1,767 | | |
Currency translation differences reserve
|
| | |
|
782
|
| | | | | 457 | | |
Accumulated loss
|
| | |
|
(74,346)
|
| | | | | (62,876) | | |
Total equity (deficiency)
|
| | | | 233 | | | | |
|
(609)
|
| |
Total liabilities and equity
|
| | | | 15,203 | | | | |
|
2,087
|
| |
|
|
/s/ Lawrence Howard
Lawrence Howard
Chairman of the Board |
| |
/s/ Frank Haluska
Frank Haluska
Chief Executive Officer |
| |
/s/ Jonathan Burgin
Jonathan Burgin
Chief Operating Officer & Chief Financial Officer |
|
| | |
For the nine-month period ended
|
| |
For the three-month period ended
|
| ||||||||||||||||||
$ thousands (other than per share amounts)
|
| |
September 30,
2018 |
| |
September 30,
2017 |
| |
September 30,
2018 |
| |
September 30,
2017 |
| ||||||||||||
Research and development expenses
|
| | |
|
5,722
|
| | | | | 5,222 | | | | |
|
1,372
|
| | | | | 1,125 | | |
General and administrative expenses
|
| | |
|
4,346
|
| | | | | 2,288 | | | | |
|
1,133
|
| | | | | 777 | | |
Operating loss
|
| | |
|
10,068
|
| | | | | 7,510 | | | | |
|
2,505
|
| | | | | 1,902 | | |
Financing income
|
| | |
|
(12)
|
| | | | | (38) | | | | |
|
(12)
|
| | | | | (36) | | |
Financing expense
|
| | |
|
953
|
| | | | | 176 | | | | |
|
72
|
| | | | | 2 | | |
Financing expense (income), net
|
| | |
|
941
|
| | | | | 138 | | | | |
|
60
|
| | | | | (34) | | |
Loss before taxes on income
|
| | |
|
11,009
|
| | | | | 7,648 | | | | |
|
2,565
|
| | | | | 1,868 | | |
Income tax
|
| | |
|
461
|
| | | | | 210 | | | | |
|
68
|
| | | | | 57 | | |
Net loss for the period
|
| | | | 11,470 | | | | |
|
7,858
|
| | | | | 2,633 | | | | |
|
1,925
|
| |
loss per share (in $): | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted loss*
|
| | |
|
0.98
|
| | | | | 0.89 | | | | |
|
0.17
|
| | | | | 0.20 | | |
Number of shares used to compute basic and diluted loss per share (thousands of shares)
|
| | |
|
11,666
|
| | | | | 8,816 | | | | |
|
15,574
|
| | | | | 9,539 | | |
|
| | |
For the nine-month period ended
|
| |
For the three-month period ended
|
| ||||||||||||||||||
$ thousands
|
| |
September 30,
2018 |
| |
September 30,
2017 |
| |
September 30,
2018 |
| |
September 30,
2017 |
| ||||||||||||
Loss for the period
|
| | | | 11,470 | | | | |
|
7,858
|
| | | | | 2,633 | | | | |
|
1,925
|
| |
Other comprehensive loss (income) items that will
not be transferred to statement of operations |
| | | | | ||||||||||||||||||||
Currency translation difference
|
| | |
|
(325)
|
| | | | | (320) | | | | |
|
15
|
| | | | | 24 | | |
Total comprehensive loss for the period
|
| | | | 11,145 | | | | |
|
7,538
|
| | | | | 2,648 | | | | |
|
1,949
|
| |
|
| | |
Share
capital* |
| |
Additional
paid-in capital |
| |
Currency
translation differences reserve |
| |
Capital
reserve for share-based payments |
| |
Accumulated
loss |
| |
Total
equity (deficiency) |
| ||||||||||||||||||
| | |
$ thousands
|
| |||||||||||||||||||||||||||||||||
For the nine-month period ended September 30, 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2018
|
| | | | — | | | | | | 60,043 | | | | | | 457 | | | | | | 1,767 | | | | | | (62,876) | | | | | | (609) | | |
Issuance of shares, net
|
| | | | — | | | | | | 10,419 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,419 | | |
Exercise of options
|
| | | | — | | | | | | 7 | | | | | | — | | | | | | (1) | | | | | | — | | | | | | 6 | | |
Share-based payment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,562 | | | | | | — | | | | | | 1,562 | | |
Comprehensive income for the period
|
| | | | — | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | 325 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,470) | | | | | | (11,470) | | |
Balance as of September 30, 2018
|
| | | | — | | | | | | 70,469 | | | | | | 782 | | | | | | 3,328 | | | | | | (74,346) | | | | | | 233 | | |
For the nine-month period ended September 30, 2017
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2017
|
| | | | — | | | | | | 54,983 | | | | | | 197 | | | | | | 1,186 | | | | | | (53,070) | | | | | | 3,296 | | |
Issuance of shares, net
|
| | | | — | | | | | | 4,911 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,911 | | |
Expiration of options
|
| | | | — | | | | | | 141 | | | | | | — | | | | | | (141) | | | | | | — | | | | | | — | | |
Share-based payment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 450 | | | | | | — | | | | | | 450 | | |
Comprehensive income for the period
|
| | | | — | | | | | | — | | | | | | 320 | | | | | | — | | | | | | — | | | | | | 320 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,858) | | | | | | (7,858) | | |
Balance as of September 30, 2017
|
| | | | — | | | | | | 60,035 | | | | | | 517 | | | | | | 1,495 | | | | | | (60,928) | | | | | | 1,119 | | |
|
| | |
For the nine-month
period ended |
| |||||||||
| | |
September 30,
2018 |
| |
September 30,
2017 |
| ||||||
| | |
$ thousands
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Loss for the period
|
| | |
|
(11,470)
|
| | | | | (7,858) | | |
Financing expenses, net
|
| | |
|
866
|
| | | | | 250 | | |
Depreciation
|
| | |
|
46
|
| | | | | 37 | | |
Share-based payment
|
| | |
|
1,562
|
| | | | | 450 | | |
Taxes on income
|
| | |
|
461
|
| | | | | 210 | | |
Change in receivables
|
| | |
|
(2,414)
|
| | | | | 158 | | |
Change in trade payables
|
| | |
|
706
|
| | | | | 60 | | |
Change in other payables
|
| | |
|
(314)
|
| | | | | 141 | | |
Change in employee benefits
|
| | |
|
400
|
| | | | | 9 | | |
Change in long-term prepaid expenses
|
| | |
|
(803)
|
| | | | | 1 | | |
Taxes paid
|
| | |
|
(244)
|
| | | | | (81) | | |
Interest paid
|
| | |
|
(23)
|
| | | | | — | | |
Interest received
|
| | |
|
4
|
| | | | | (3) | | |
Net cash used in operating activities
|
| | |
|
(11,223)
|
| | | | | (6,626) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Long-term pledged deposits
|
| | |
|
(125)
|
| | | | | — | | |
Purchase of fixed assets
|
| | |
|
(187)
|
| | | | | (26) | | |
Net cash used in investing activities
|
| | |
|
(312)
|
| | | | | (26) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Receipt of loan from bank
|
| | |
|
1,050
|
| | | | | — | | |
Repayment of loan from bank
|
| | |
|
(1,033)
|
| | | | | — | | |
Receipt of loan from controlling shareholder
|
| | |
|
3,000
|
| | | | | — | | |
Repayment of loan from controlling shareholder
|
| | |
|
(3,000)
|
| | | | | — | | |
Proceeds from issuance of warrants and derivative instruments
|
| | |
|
11,989
|
| | | | | — | | |
Proceeds from issuance of shares
|
| | |
|
10,911
|
| | | | | 5,665 | | |
Issuance costs
|
| | |
|
(1,755)
|
| | | | | (430) | | |
Net cash provided by financing activities
|
| | |
|
21,162
|
| | | | | 5,235 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 9,627 | | | | |
|
(1,417)
|
| |
Cash and cash equivalents balance at beginning of period
|
| | |
|
1,454
|
| | | | | 4,564 | | |
Effect of exchange rate differences on cash and cash equivalents
|
| | |
|
(169)
|
| | | | | 189 | | |
Cash and cash equivalents at end of period
|
| | | | 10,912 | | | | |
|
3,336
|
| |
|
Grant date/eligible employees |
| |
Terms of Options
|
| |
No. of
underlying shares (thousands) |
| |
Vesting terms
|
| |
Contractual life of
the options (years) |
|
Grant of options to officers of the Company in March 2018 | | | Each option is exercisable into one ordinary share without par value, at the Fair Market Value of the shares at the time of the grant. |
| |
130
|
| | 25% of the options vest after one year, and the remainder in 12 equal quarterly tranches. |
| |
10
|
|
Grant of options to the Company’s CEO in June 2018 | | | Each option is exercisable into one ordinary share without par value, at the Fair Market Value of the shares at the time of the grant. |
| |
909
|
| | Vesting in four equal annual tranches from May 2016 |
| |
10
|
|
Total options | | | | | |
1,039
|
| | | ||||
|
| | |
Grant to officers
|
| |
Grant to the CEO
|
|
Fair value at the grant date
|
| |
$0.3 million
|
| |
$1.7 million
|
|
Parameters included in the fair value calculation:
|
| | | ||||
Share price at the grant date
|
| |
$4.02
|
| |
$3.61
|
|
Exercise price
|
| |
$4.00
|
| |
$3.67
|
|
Expected volatility
|
| |
68.3% – 71.8%
|
| |
56.3%
|
|
Expected life of the option
|
| |
5.5 – 7 years
|
| |
Up to 11/2023
|
|
Risk-free interest rate
|
| |
2.63% – 2.74%
|
| |
2.7%
|
|
Rate of expected dividends
|
| |
—
|
| |
—
|
|
Exhibit No.
|
| |
Description
|
|
1.1*
|
| | Form of Underwriting Agreement | |
| | Articles of Association of the Registrant | | |
4.1*
|
| | Form of Deposit Agreement between the registrant, the Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued thereunder | |
4.2*
|
| | Specimen American Depositary Receipt (included in Exhibit 4.1) | |
| | Specimen Certificate for ordinary shares | | |
5.1*
|
| | Form of Opinion of Goldfarb Seligman & Co., Israeli counsel to the Registrant (including consent) | |
10.1*
|
| | Form of Indemnification Agreement | |
| | Amended and Restated Exclusive License Agreement between Yissum Research Development Company of the Hebrew University of Jerusalem and the Company, dated November 14, 2005, as amended by Amendment No. 1 dated November 22, 2005, Amendment No. 2 dated September 11, 2007, Amendment No. 3 dated January 24, 2011 and Amendment No. 4 dated November 6, 2013 | | |
10.3†*
|
| | Clinical Supply Agreement among BioCancell Therapeutics Israel Ltd., Boehringer Ingelheim Biopharmaceuticals GmbH and Boehringer Ingelheim RCV GmbH & Co KG, dated April 3, 2013 | |
10.4#*
|
| | Rental Agreement between the Administration for Development and Management of Industrial Zones in Jerusalem Ltd. and BioCancell Therapeutics Israel Ltd. dated November 7, 2013 | |
| | Master Services Agreement between BioCancell Therapeutics Israel Ltd. and INC Research, LLC dated October 25, 2017. | | |
| | 2011 Incentive Plan for Employees, Officers and Consultants | | |
| | Compensation Policy for Officers, dated February 2017 | | |
| | 2017 Equity-Based Incentive Plan | | |
10.9†*
|
| | Supply Agreement by and between BioCancell Therapeutics Israel Ltd. and Polyplus-Transection SA, dated April 21, 2015 | |
| | Information Rights Agreement between Anchiano Therapeutics Ltd. and Clal Biotechnology Industries Ltd., dated December 19, 2018 | | |
| | List of subsidiaries of the Registrant | | |
| | Consent of Somekh Chaikin, Member Firm of KPMG International, independent registered public accounting firm for the Registrant | | |
23.2*
|
| | Consent of Goldfarb Seligman & Co., Israeli counsel to the Registrant (included in Exhibit 5.1) | |
| | Power of Attorney (included in signature page hereto) | |
Signatures
|
| |
Title
|
| |
Date
|
|
/s/ Dr. Frank G. Haluska
Dr. Frank G. Haluska
|
| | Chief Executive Officer and Director (Principal Executive Officer) |
| |
January 7, 2019
|
|
/s/ Jonathan Burgin
Jonathan Burgin
|
| | Chief Financial Officer and Chief Operating Officer (Principal Financial Officer and Principal Accounting Officer) |
| |
January 7, 2019
|
|
/s/ Dr. Stephen Hoffman
Dr. Stephen Hoffman
|
| | Chairman of the Board of Directors | | |
January 7, 2019
|
|
/s/ Ruth Alon
Ruth Alon
|
| | Director | | |
January 7, 2019
|
|
/s/ Robert Connelly
Robert Connelly
|
| | Director | | |
January 7, 2019
|
|
/s/ Reginald Hardy
Reginald Hardy
|
| | Director | | |
January 7, 2019
|
|
/s/ Dr. Lawrence Howard
Dr. Lawrence Howard
|
| | Director | | |
January 7, 2019
|
|
/s/ Isaac Kohlberg
Isaac Kohlberg
|
| | Director | | |
January 7, 2019
|
|
Signatures
|
| |
Title
|
| |
Date
|
|
/s/ Efrat Makov
Efrat Makov
|
| | Director | | |
January 7, 2019
|
|
/s/ Dennison Veru
Dennison Veru
|
| | Director | | |
January 7, 2019
|
|