Yissum sells its Holdings in BioCancell Theraputics to Clal Biotechnology Industries
11/04/2007 YISSUM SELLS ITS HOLDINGS IN BIOCANCELL THERAPUTICS TO CLAL BIOTECHNOLOGY INDUSTRIES
Clal Biotechnology Industries Ltd (CBI) and Yissum Research & Development Company of the Hebrew University Ltd. have announced an agreement for the purchase of all of Yissum’s holdings in BioCancell Therapeutics, Inc.
Nava Swersky-Sofer, CEO of Yissum, explained, “We are proud that BioCancell has reached the clinical development stage, and successfully completed an IPO on the Tel Aviv Stock Exchange. At this stage, we are pleased to transfer the continued development to a strong, worthy partner that can contribute to and advance BioCancell.”
Avi Barak, CEO of BioCancell Therapeutics, added, “This is an additional vote of confidence in BioCancell, following last year’s private round of fund-raising and IPO. We see Clal Biotechnology as a first-rate partner, and believe that the added value Clal will bring as a strategic partner specializing in biotechnology, will propel BioCancell to success in achieving its goals.”