reports
- Pooya Hemami
BioLight Life Sciences - Funding provides breathing room
BioLight raised NIS11.4m (gross) from the issuance of 908,540 shares in May 2018. We believe these funds should allow BioLight to fund its operations until at least H218, at which point we expect it to receive $12m from the second stage (out of four) of the IOPtima divestiture transaction. BioLight expects that upon completion of all stages (ie by mid-2021), it will receive gross proceeds of $23-27.3m for its entire holding.
- Pooya Hemami
BioLight Life Sciences - IOPtima divestiture now in progress
The first part of the four-stage transaction for BioLight’s IOPtima subsidiary to be sold to Chengdu Kanghong Pharmaceutical Group (Chengdu) has been completed, with Chengdu investing $7m directly into IOPtima for a 19% stake in the company. We estimate BioLight will receive about $12m in Q318 as part of the next stage and can now focus on advancing remaining key value drivers Eye-D VS-101 and TeaRx. We now obtain a risk-adjusted net present value (rNPV) valuation of NIS111.3-128.1m (versus NI...
- Pooya Hemami
BioLight Life Sciences - Binding agreement reached to sell IOPtima
BioLight’s subsidiary IOPtima Ltd (of which BioLight holds a 70% ownership stake) entered into a binding agreement for it to be acquired in a four-stage process by Chengdu Kanghong Pharmaceutical Group Co. (Chengdu). The total cash proceeds that BioLight is anticipated to receive, by mid-2021, would be between $23m and $27.3m; we estimate it would receive about $12m by mid-2018. We now obtain an rNPV valuation of NIS112.5-134.3m (up from NIS109.7-130.7m, previously).
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