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BioLight Life Sciences

Privatisation by Chinese investor uncertain

Flash note | Pharmaceuticals & healthcare | 24 Jan 2017

BioLight has announced in the last week that the Chinese investor (the Fund), which signed a non-binding letter of intent (LOI) to privatise BioLight, is unable to implement the deal as planned in its original format. BioLight indicates that this is due to recently adopted policies by Chinese authorities that can restrict Chinese investors’ ability to invest capital outside China. The LOI proposed the acquisition of 45% of BioLight’s currently outstanding shares (COS) at a price of NIS16.50 per share. BioLight is holding discussions with the Fund to examine various alternatives that could allow the transaction to continue in its original form or another, but there is no certainty that such a transaction will proceed.

BioLight Life Sciences

Funding provides breathing room

Update | Pharmaceuticals & healthcare | 09 Jul 2018

BioLight raised NIS11.4m (gross) from the issuance of 908,540 shares in May 2018. We believe these funds should allow BioLight to fund its operations until at least H218, at which point we expect it to receive $12m from the second stage (out of four) of the IOPtima divestiture transaction. BioLight expects that upon completion of all stages (ie by mid-2021), it will receive gross proceeds of $23-27.3m for its entire holding.

BioLight Life Sciences

IOPtima divestiture now in progress

Update | Pharmaceuticals & healthcare | 24 Apr 2018

The first part of the four-stage transaction for BioLight’s IOPtima subsidiary to be sold to Chengdu Kanghong Pharmaceutical Group (Chengdu) has been completed, with Chengdu investing $7m directly into IOPtima for a 19% stake in the company. We estimate BioLight will receive about $12m in Q318 as part of the next stage and can now focus on advancing remaining key value drivers Eye-D VS-101 and TeaRx. We now obtain a risk-adjusted net present value (rNPV) valuation of NIS111.3-128.1m (versus NIS112.5-134.3m, previously).

BioLight Life Sciences

Binding agreement reached to sell IOPtima

Update | Pharmaceuticals & healthcare | 28 Nov 2017

BioLight’s subsidiary IOPtima Ltd (of which BioLight holds a 70% ownership stake) entered into a binding agreement for it to be acquired in a four-stage process by Chengdu Kanghong Pharmaceutical Group Co. (Chengdu). The total cash proceeds that BioLight is anticipated to receive, by mid-2021, would be between $23m and $27.3m; we estimate it would receive about $12m by mid-2018. We now obtain an rNPV valuation of NIS112.5-134.3m (up from NIS109.7-130.7m, previously).

BioLight Life Sciences

IOPtiMate sales slow as Asian distribution on hold

Update | Pharmaceuticals & healthcare | 12 Sep 2017

BioLight reported H117 results in late August and IOPtiMate revenue was lower than expected, due to a pause in distributor activity in China. This interruption may last until there is a definitive conclusion in the pending Chengdu transaction. We have decreased our near-term IOPtiMate forecasts and extended the time runway estimated to achieve our peak sales targets for the product. We now derive an rNPV of NIS109.7-130.7m (down from NIS121.6-135.7m, previously).

BioLight Life Sciences

Promising Eye-D VS-101 Phase I/IIa data

Update | Pharmaceuticals & healthcare | 07 Aug 2017

BioLight reported positive results from a 77-patient US Phase I/IIa study on Eye-D VS-101, being developed as an extended-dose platform for treating glaucoma. We have raised our estimate for the candidate’s probability of commercial success to 30% (from 20%), which, with other adjustments, leads to an increase in our rNPV valuation to NIS121.6-135.7m.

BioLight Life Sciences

BioLight to raise up to NIS12m in rights offering

Update | Pharmaceuticals & healthcare | 19 Jun 2017

BioLight Life Sciences is engaging in a shareholder rights offering of up to NIS12m (if fully subscribed) to strengthen its balance sheet. While BioLight had NIS20.2m net cash at Q117, most was held at subsidiaries, and only NIS4.7m was directly available to the parent firm; hence the imminent funding need. The four largest shareholders (representing 55%) will participate to some degree in the rights offering. If fully subscribed, we estimate the rights offering can provide funding into at least Q417. Our model, which does not yet include the rights offering or the potential IOPtima sale to a Chinese investor, derives an rNPV valuation of NIS92.9-103.4m.

BioLight Life Sciences

Potential sale of IOPtima to a Chinese firm

Update | Pharmaceuticals & healthcare | 02 May 2017

BioLight's IOPtima subsidiary (of which BioLight holds a 70% ownership stake) signed a non-binding term sheet on 19 April 2017 for it to be acquired by a Chinese company, Chengdu Kanghong Pharma. While there is uncertainty on whether the deal will proceed, the transaction could potentially provide IOPtima shareholders with $17m (NIS62m) within six months of completion. Our model, which does not yet include this proposed transaction, derives an rNPV valuation of NIS98.5-106.9m.

BioLight Life Sciences

Chinese investor LOI to privatise company

Flash note | Pharmaceuticals & healthcare | 05 Jan 2017

BioLight has announced that on 6 November 2016, following approval from its board of directors and an independent special committee, it signed a non-binding letter of intent (LOI) with an unnamed Chinese investor (the Fund), that offers to privatise BioLight by acquiring 45% of its currently outstanding shares (COS) at a price of NIS16.50 per share. Pricing terms could change given that the due diligence process and negotiations about the definitive agreements are still ongoing and may take several weeks.

BioLight Life Sciences

IOPtiMate relative safety highlighted in publication

Update | Pharmaceuticals & healthcare | 22 Dec 2016

A recent publication on a 111-patient trial on BioLight's IOPtiMate CO2 laser surgical system suggests it provides intraocular pressure (IOP) reduction comparable to trabeculectomy, but potentially with a better safety profile. Sales in Europe and Asia are ongoing, and we expect clarity on a US regulatory strategy in H117. The firm had NIS31.8m in net cash at 30 September 2016 and we derive an rNPV valuation of NIS90.5-104.2m.

BioLight Life Sciences

Shining a light in eye care

Initiation | Pharmaceuticals & healthcare | 19 Oct 2016

BioLight Life Sciences' key products are IOPtiMate, a laser-based surgical device to treat moderate to advanced glaucoma, and VS-101, an extended-dose drug implant in Phase I/IIa trials to treat glaucoma. IOPtiMate was launched mainly in the EU and China in late 2014 and a US strategy will be determined in H216. BioLight is also advancing TeaRx as a diagnostic product for dry eye syndrome (DES). The company had NIS36.7m in net cash at 30 June 2016 and we derive an rNPV valuation of NIS90.5-97.6m.

BioLight Life Sciences

Eye-D and CellDetect bladder reach milestones

QuickView | Pharmaceuticals & healthcare | 31 Jul 2014

Two of BioLight's important assets have recently achieved milestones. Eye-D has begun a Phase I/IIa US trial in glaucoma and a patent protecting the drug-delivery platform until 2031 has been issued. The potential of CellDetect to improve the detection of bladder cancer using cytology has been supported by interim data from a 65-patient, blinded clinical trial. Despite these advances and BioLight's broad pipeline, its market cap is only NIS79m.