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Kadimastem Ltd. announced a financing round raising 10 million NIS ($3.2 million) from ILEX Medical. This private investment was executed at a price of 4.26 NIS ($1.35) per share, about 5% above the previous closing price. The funding will support the clinical development of AstroRx® for ALS and initiate trials for IsletRx, aimed at curing diabetes. Kadimastem has raised over 50 million NIS ($15.9 million) in 2021 and plans for a NASDAQ listing to enhance visibility and attract investors.
Kadimastem Ltd. has appointed Asaf Shiloni as its new CEO, bringing over 20 years of biotech experience, including 13 years at PeproTech Inc. His expertise in cell therapy and partnerships with US firms is expected to drive the company's initiatives in ALS and diabetes treatment. This management change follows the recent appointment of Ronen Twito as Co-Chairperson, alongside new board members Doron Birger and Ron Mayron. The new leadership aims to enhance business value and foster collaborations in the burgeoning cell therapy sector.
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