Kadimastem Ltd., which develops living tissue based on stem cells for drug research and possible future use in transplants, raised NIS 20.4 million in its IPO on the Tel Aviv Stock Exchange (TASE), the first IPO on the market since late 2011. The company issued blocks of shares and warrants at NIS 6.60 per share (for an effective price of NIS 5.30 per share). This was its minimum price, giving a market cap of NIS 88 million.
The company was founded by Weizmann Institute Professor Michel Revel the inventor of beta-intereron, a blockbuster drug for Merck Serono. The chairman and CEO