InSightec and Gamida-Cell were two great hopes of Israel's biomed industry, but the one faces an uncertain future while Elbit Medical has relinquished the other in a debt settlement.
Gamida Cell raises $75m in convertible notes
The funds will be used to support manufacturing, regulatory and commercial development activities for its advanced cell therapy treatment.
Israeli advanced cell therapy company Gamida Cell (Nasdaq: GMDA) today announced the sale of $75 million of 5.875% exchangeable senior notes due in 2026 to funds managed by Highbridge Capital Management, a unit of JP Morgan.
The initial exchange price of the notes of $17.70 per share represents a 50% premium over the closing price of Gamida Cell’s ordinary shares on February 12, and a 122% premium the public offering price of Gamida Cell’s shares on December 17, 2020. Gamida Cell s current market cap is $700 million with the convertible notes reflecting a market cap of over $1 billion. Gamida Cell can force the notes to be converted if its share price reaches $23.