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Zmiha acquires Proteologics

Proteologics has NIS 25 million ($6.9 millio) in cash and frozen activity, which was an incentive for the deal.

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/ By Globes’ correspondent and Gali Weinreb

Zmiha Investment House Ltd. (TASE: TZMI) has acquired control of Proteologics Ltd. (TASE: PRTL) from XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); TASE:XTL) for NIS 12.1 million, including the control premium. Zmiha, a licensee in the Yam 3 offshore oil and gas exploration license, bought 6, 738, 828 Proteologics shares, 44.95% of the company

Proteologics has NIS 25 million ($6.9 millio) in cash and frozen activity, which was an incentive for the deal.

Proteologics developed cancer treatments on the basis of the ubiquitin system discovered by Israeli Nobel Prize Laureates Avram Hershko and Aaron Ciechanover. However, a few weeks ago it decided to freeze this activity, after concluding that it lacked the cash to make substantial inroads with these products, even though the company has several initial joint development agreements with big pharma companies.

Proteologics raised NIS 35 million ($9.7 million) at a company value of NIS 147 million ($40.8 million)  in its IPO in 2010. Its share price fell 7.1% in morning trading today, following the announcement of the deal after the market closed on Thursday, to NIS 0.98, giving a market cap of NIS 15 million 9 ($4.1 million). Zmiha’s share price was unchanged at NIS 5.19, giving a market cap of NIS 38 million ($10.5 million) , and XTL’s share price fell 2.8% to NIS 1.06, giving a market cap of NIS 250 million. ($69.5 million)
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