Elbit Imaging (EMITF) said it intends to restructure its bio-tech and medical holdings, InSightec - 60%, and Gamida Cell - 28%; both on a fully diluted basis, under a wholly-owned Elbit Imaging subsidiary and to offer shares of such subsidiary in a public offering on the Tel Aviv Stock Exchange. The move is part of the company's ongoing restructuring and the streamlining of business activities throughout the company's divisions.
The company intends to use the IPO's proceeds, should such be executed, to accelerate InSightec's development of several applications to treat major cancer diseases such as including, bone, prostate, breast, liver and brain. Additionally, the IPO proceeds will help accelerate the FDA approval process for Gamida Cell's flagship product, StemEx, which is currently in Phase III testing, as well as advance the product development of additional therapies.
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