BioLight Raises NIS 19 Million, Announces China Regulatory Approval for IOPtiMate™ for Glaucoma Surgery

TEL AVIV, Israel, March 6, 2014 /PRNewswire/ --

BioLight Israeli Life Sciences Investments Ltd. (TASE: BOLT; OTCQX: BLGTY), a firm that invests in, manages and commercializes biomedical innovations grouped into clusters around defined medical conditions, announces the successful completion of an equity financing that raised gross proceeds of approximately NIS 19 million (USD 5.5 million).

The Company sold 83,774 units, including 8,174 units representing the full exercise of the overallotment option. Each unit consists of 1,000 shares, 500 Series 7 warrants and 500 Series 8 warrants. The financing was priced at NIS 225 per unit or NIS 0.225 per share. The Company may receive up to an additional NIS 26.8 million assuming full exercise of all warrants (Series 7 and 8).

Insiders Israel Makov, Chairman of the Company, Dilip Shanghvi and Dan Oren, participated in the equity round in an aggregate amount of approximately NIS 10.5 million and maintained their ownership percentages. The proceeds of the equity financing will mainly serve to support BioLight activities in continuing the funding of IOPtiMate™ marketing and sales activities with emphases on the Chinese market, financing clinical trials of additional eye cluster companies and expanding the activity of the current clusters while focusing on strategic collaborations. The proceeds will further serve to support BioLight efforts and activity in the U.S. market, where the Company's ADRs (American Depository Receipt Level 1) were recently registered for trade in the over-the-counter market OTCQX (symbol: BLGTY).

Separately, BioLight announces that its subsidiary, IOPtima Ltd. a developer of minimally invasive ophthalmic surgery devices, received China Food and Drug Administration (CFDA) approval to market and sell the IOPtiMate™ system in China, the world's largest glaucoma market.

The IOPtiMate™ system is a novel surgical device that enables eye surgeons to perform accurate CO₂ Laser-Assisted Sclerectomy Surgery (CLASS). The CLASS procedure reduces elevated intraocular pressure (IOP) in glaucoma patients by thinning the sclera of the eye, thus restoring the natural fluid percolation without penetrating the eye globe. The system transforms complex and highly risky glaucoma surgery into a safe, elegant, and precise laser-assisted procedure.

Suzana Nahum-Zilberberg, BioLight's CEO, said, "We are thrilled by the success of this financing round, which serves to validate the support of the capital markets for our progress and achievements, and provides a vote of confidence in our future. The proceeds of this financing, as well as the marketing approval recently received in China, will assist in expanding the marketing and sales activity of the IOPtiMate™ system. These funds will also enable us to advance additional promising products into clinical trials. We are focused on implementing BioLight's work plan and advancing all of its business and clinical targets, many of which are expected to be achieved this year."

Commenting on the marketing approval received for the IOPtiMate™ , Nahum-Zilberberg added, "Entering the world's largest glaucoma market is a major step for the IOPtiMate™ and for BioLight's ophthalmology cluster and represents an excellent business opportunity for us. In preparation for receipt of the approval, several months ago we commenced preliminary marketing activities in China, and due to the many advantages of the IOPtiMate™ system in performing quick, safe and non-invasive glaucoma surgery, we expect the system to capture a substantial market share in designated hospitals in China. In addition, we intend to use the Chinese market as an anchor to enter additional Asian markets."

About Glaucoma

Glaucoma is caused by pressure within the eye that damages the optic nerve and may lead to full or partial blindness. Considered the second most common cause of blindness worldwide, an estimated 67 million people worldwide suffer from the disease. Glaucoma is usually a chronic disease requiring lifelong treatment, and the global market for drug therapy and surgery is estimated at $5 billion annually.

About BioLight

BioLight Life Sciences Investments invests in, manages and commercializes biomedical innovations grouped into "clusters" around defined medical conditions. The two current clusters are in ophthalmology via 100% ownership of XLVision Sciences and in cancer diagnostics via a 29% controlling ownership of Micromedic (TASE: MCTC). XLVision technologies include IOPtiMate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D™, a long-term controlled release drug-delivery implant platform. Micromedic diagnostic tests are designed to detect colorectal, cervical, breast, bladder, lung and other cancers. Base key investors, holding about 55% of BioLight's shares, are Mr. Israel Makov, Chairman of Sun Pharmaceuticals and Given Imaging, and former CEO and President of Teva Pharmaceuticals, with Mr. Dilip Shanghvi, founder of Sun Pharmaceuticals, India's largest pharmaceutical company, and Mr. Dan Oren, founder and CEO of Dexcel Pharma, the second-largest pharmaceutical manufacturer in Israel.

For more information please visit the Company's website at http://www.bio-light.co.il.

CONTACTS:

BioLight
Itai Bar-Natan, CFO ([email protected])
Tel: +972-73-2753400

LHA
Kim Sutton Golodetz ([email protected])
+1-(212)-838-3777
Or
Bruce Voss ([email protected])
+1-(310)-691-7100

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SOURCE BioLight Life Sciences Investments Ltd