Uzi Sofer brings a new biomed company to Tel Aviv: Alpha Tau to dual list
The biomed company of the former BrainsWay CEO, which developed a cancer treatment, will list its shares for trading on the local stock exchange as well. After a 300% jump in the last year, the company's shares are trading at a valuation of $1.2 billion.
A new biomed company is on its way to Tel Aviv. The Israeli company Alpha Tau Medical, which developed a cancer treatment and is traded on NASDAQ at a valuation of about $1.2 billion, has decided to list its shares for trading on the local stock exchange as part of a dual listing.
Alpha Tau has developed a new method of targeted radiation for treating cancer patients. The company has created an innovative technology that uses alpha radiation, which differs from existing radiation therapies and may be more focused on the tumor. Its technology is in advanced trials for treating cancers such as GBM brain cancer, pancreatic cancer, head and neck cancer, and certain types of skin cancer.
The company's development was born at Tel Aviv University, hence the 'Tau' in the company's name. Over the years, the company went through many upheavals and was almost closed, until it was found by Uzi Sofer, former CEO of BrainsWay, who re-established it in 2016 after its operations were frozen due to friction between shareholders.
In 2022, the company merged into a SPAC, and its shares were listed for trading on NASDAQ. In the years since the IPO, the company's stock plummeted by more than 80%, but in the last year there has been a turnaround, and its stock has jumped by over 300% to a valuation of $1.2 billion, which is about 11% higher than the peak levels at which it traded in the weeks following the merger with the shell company.
In the background, about two months ago, Alpha Tau signed a strategic cooperation agreement with the American company Tolmar for the commercialization of its treatment in the field of urological cancers, initially for prostate cancer. As part of this, Tolmar will invest $15 million in the construction of a dedicated factory for Alpha Tau's product in the USA, with another $20 million to be used to purchase the company's shares at a premium of 25% over the price in the last month. In addition, it will pay Alpha Tau up to $161 million in milestone payments.
