Bloomberg News

BioCancell Declines Most in 19 Months on Share Sale

November 18, 2010

BioCancell Therapeutics Inc. (BICL) retreated the most since April 2009 after the Israeli developer of cancer drugs said it’s offering about 5.37 million shares to the public.

The stock dropped 12 percent, the biggest decline since April 30, 2009, to 2.66 shekels at the 4:30 p.m. close in Tel Aviv. The shares have lost 32 percent this month, giving the Jerusalem-based company a market value of 55 million shekels ($15.1 million).

The company may raise immediate proceeds of 15.8 million shekels from the sale, the Tel Aviv Stock Exchange said in a statement posted on its Website today.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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