| SUBSEQUENT EVENTS |
|
NOTE
19:- |
SUBSEQUENT
EVENTS |
|
a. |
On
January 8, 2018, the Company entered into a Distribution and Supply Agreement with Gebro
Holding GmBH (“Gebro”), granting Gebro the exclusive right to distribute
Piclidenoson in Spain, Switzerland, Liechtenstein and Austria for the treatment of psoriasis
and rheumatoid arthritis. Under the Distribution and Supply Agreement, the Company is
entitled to €1,500 upon execution of the agreement plus milestone payments upon
achieving certain clinical, launch and sales milestones, as follows: (i) €300 upon
initiation of the ACRobat Phase III clinical trial for the treatment of rheumatoid arthritis
and €300 upon the initiation of the COMFORT Phase III clinical trial for the treatment
of psoriasis, (ii) between €750 and €1,600 following first delivery of commercial
launch quantities of Piclidenson for either the treatment of rheumatoid arthritis or
psoriasis, and (iii) between €300 and up to €4,025 upon meeting certain net
sales. In addition, following regulatory approval, the Company shall be entitled to future
royalties on net sales of Piclidenoson in the territories and payment for the manufacturing
Piclidenoson. On January 25, 2018 the Company received a first payment of approximately
USD 2,200 from Gebro. |
|
b. |
On
March 13, 2018, the Company completed a registered direct offering with certain institutional
investors, pursuant to which it sold an aggregate 3,333,336 ADSs representing 6,666,672
of its ordinary shares and warrants to purchase 2,500,002 ADSs representing 5,000,004
of its ordinary shares for an aggregate purchase price of USD 5,000 (the “March
2018 Financing”). The warrants may be exercised after 6 months from the date of
issuance for a period of five and a half years and have an exercise price of USD 2.00
per ADS (subject to certain adjustments). The Company also issued placement agent warrants
to purchase 166,667 ADSs representing 333,334 ordinary shares exercisable at USD 2.00
per ADS, subject to certain adjustments, for a period of five years. |
|
c. |
On
March 9, 2018, 982,344 and 98,234 warrants issued as part of the March 2014 financing
expired. |
|
d. |
On August 6, 2018, the Company entered into a License, Collaboration and Distribution
Agreement with CMS Medical Venture Investment Limited ("CMS Medical") for the commercialization of Piclidenoson for
the treatment of rheumatoid arthritis and psoriasis and Namodenoson for the treatment of advanced liver cancer and NAFLD/NASH
in China (including Hong Kong, Macao and Taiwan). Under the License, Collaboration and Distribution Agreement, the Company is
entitled to USD 2,000 upon execution of the agreement plus milestone payments upon achieving certain regulatory and sales milestones.
In addition, following regulatory approval, the Company shall be entitled to future double digit royalties on net sales in the
territories and payment for the manufacturing Piclidenoson and Namodenoson. On August 7, 2018, the Company received an upfront
payment of USD 2,000 from CMS Medical. |
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