Feb 2 2010
Elbit Imaging
(NASDAQ: EMITF) ("Elbit Imaging" "Company") announced today that 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 ("IPO"). The move is part of the Company's ongoing
restructuring and the streamlining of business activities throughout the
Company's divisions.
Dudi Machluf, Chief Executive Officer (Co-CEO), commented: "As part of
the Company's restructuring, we intend to restructure our medical and bio-
tech holdings, InSightec and Gamida Cell, under one wholly owned subsidiary.
We intend 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. This
will help InSightec to take rapid strides towards receiving both FDA and CE
approvals for these cancer treatment technologies as well accelerating its
efforts to obtain widely spread reimbursement coverage for its FDA and CE
commercially treatment for Uterine Fibroids. Additionally, the IPO proceeds
will help accelerate the FDA approval process for Gamida Cell's flagship
product, StemEx(R), which is currently in Phase III testing, as well as
advance the product development of additional therapies.
The IPO is expected to add value to Elbit Imaging's existing shareholders
and, for the first time, will provide the public with an opportunity to
invest directly in the group's flagship bio-medical holdings."
SOURCE Elbit Imaging Ltd.