D-Pharm raises NIS 85 M in rights offering and Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE).

D-Pharm announced the completion of a financial round, which yielded NIS 85 M (approximately $23 M) to fund the company's late stage clinical stroke programme. The financial round combined a rights offering of NIS 57 M and an Initial Public Offering (IPO) of NIS 28 M. The IPO was oversubscribed and the unit price was set at 133 NIS, 13% higher than the minimum price. The company's pre-money valuation was NIS 120 M. D-Pharm will commit most of the proceeds of the rights issue and the IPO towards the forthcoming pivotal Phase III clinical trial of DP-b99 in patients with acute ischemic stroke (study acronym - MACSI). An Investigational New Drug (IND) application for the Phase III clinical …