Exit #7 for Trendlines: BioSight
The Trendlines Group announced that its shares in its portfolio company BioSight were acquired by Arkin Bio Ventures Ltd.
BioSight has developed a technology and pipeline of “innovative cancer-targeted pharmaceuticals” that release therapeutic drugs inside cancer cells to reduce systemic toxicity associated with conventional chemotherapy treatments. BioSight was incidentally obtained by the Group as a part of Trendlines Medical-Misgav Ltd. (now named Trendlines Incubators Israel Ltd.) in 2007.Upon completion of the transaction, the Group is expected to receive net proceeds of approximately US$1.3 million, pretax (or approximately US$1.0 million after tax). The completion of the transaction is expected to take place within 14 business days from the signing of the agreement.
Trendlines Chairman and CEO Steve Rhodes commented, “We are pleased to announce this first exit of 2017. Proceeds from the BioSight exit serve to further strengthen our cash position. We look forward to reporting on developments of our other 43 portfolio companies as additional companies move closer to exit.” The BioSight acquisition marks the seventh exit for Trendlines.
Arkin Bio Ventures Ltd. is the investment arm of Arkin Holdings, specializing in pharma and biotech innovations that have imminent breakthrough potential. It identifies and invests in “innovative early and mid-stage companies with game-changing breakthroughs in areas such as immunotherapy, cancer, autoimmune diseases” and drug delivery platforms. Arkin is based in Herzliya Pituach, Israel.