Business in Brief

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The Tel Aviv Stock Exchange. On the first day of 2014, the TASE was virtually alone among major world stock markets trading.
The Tel Aviv Stock Exchange. On the first day of 2014, the TASE was virtually alone among major world stock markets trading. Credit: Bloomberg

Silenseed seeks to raise up to $36 million on Wall Street

Silenseed, a Jerusalem-based biotech company developing a targeted delivery system to treat cancer using the body’s own defenses, filed on Friday with the U.S. Securities and Exchange Commission to raise up to $36 million in an initial public offering on Wall Street. Proceeds from the offering, which values the company at as much as $120 million before the money, will be used to fund the $20 million estimated cost of Phase II and III clinical research to assess the response rate of the investigational agent siG12D LODER in patients with pancreatic cancer. Silenseed plans to list on the NASDAQ under the symbol RNAI. Founded in 2008 and employing just six people, the company has accumulated losses of $4.5 million and has just $1.4 million in cash left. Aegis Capital is the sole bookrunner on the deal. No pricing terms were disclosed. (Yoram Gabison)

Africa moves to put unit in conformity with Concentration Law

Africa Israel Investments, Lev Leviev’s property holding company, moved toward conforming with the new Business Concentration Law by removing four directors from the board of its Africa Israel Residences unit. Africa Israel Residences is 74.8%-controlled by the construction company Denya Cebus, which in turn is 81.8% controlled by Africa Israel Investments, a three-tiered pyramid structure that the new law gradually bars. Nadav Grinshpon, Menashe Sagiv, Sharona Harish and Amir Doron all stepped down to conform with the law’s requirement that third-tier companies have a majority of independent directors. Zeev Vurembrand, CEO of the Clalit health maintenance organization, comes on the board as an outside director. Under the terms of the law, Africa has six years to decide whether to take one of the three companies private or divest. Shares of Africa Israel closed 0.6% down at 7.08 shekels ($2.05) in Tel Aviv on Sunday. (Michael Rochvarger)

Security jitters weigh on share prices

Worries about security tensions following the kidnapping of three teenagers over the weekend sent Tel Aviv Stock Exchange shares lower on Sunday. The benchmark TA-025 index finished down 0.4% at 1,392.57 points, while the TA-100 dropped a sharper 0.5% to 1,252.34 on turnover of about 564 million shekels ($163 million). Topping the biggest losers on the TA-100, Perion Networks slid 4.5% to close at 37.24 shekels, IDB Development lost 4.1% to 5.50 shekels and PhotoMedex fell 2.9% to 41.38 shekels. In bond trading, the government’s 10-year shekel bond edged up 0.1% but its equivalent inflation-indexed bond rose a sharp 0.35%. Protalix fell 1.3% to 12.93 shekels after the company said over the weekend that David Aviezer would step down as CEO after 12 years. The TASE said Sunday it would be introducing options in Bezeq and Perrigo starting August 28, the 10th and 11th stocks for which there are contracts. (Dror Reich)



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