BioLight Life Sciences (BOLT)

Business description

Based in Israel, BioLight is an emerging ophthalmic company focused on the development and commercialisation of products and product candidates that address ocular conditions. Lead products IOPtiMate and VS-101 are directed towards the treatment of glaucoma.

Stock data

Market cap.NIS43.1m
Last closeNIS11.86
High / Low (52 weeks)NIS14.9 / NIS8.4
Stock market listingTel Aviv Stock Exchange
Forecast net cash (NISm)0.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(7.2)9.2(8.9)
Relative *(6.9)5.4(15.6)

* % Relative to local index

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Company news

BioLight's TeaRx Multi-Parameter Diagnostic Assays to be Used in Dry Eye ...

Thu, 23 Feb 2017 12:00:00 GMT

Biolight Life Sciences: Raise Up To Nis12m In Rights Offering

Tue, 20 Jun 2017 06:56:15 GMT

BioLight Announces Partnership With Axella Research For CellDetect® Non ...

Mon, 30 Nov 2015 12:00:00 GMT

BioLight Life Sciences Investments Ltd and Aerie Pharmaceuticals Affiliates ...

Tue, 06 Nov 2012 19:30:00 GMT

BioLight Israeli: A Small-Cap Biotech With Potential Upside

Wed, 01 Oct 2014 17:45:37 GMT

Y/E Dec Revenue (NISm) EBITDA (NISm) PBT (NISm) EPS (NIS) P/E (x) P/CF (x)
2015A 1.4 (24.3) (25.1) (6.96) N/A N/A
2016A 2.1 (20.2) (26.3) (5.55) N/A N/A
2017E 5.4 (23.5) (24.8) (9.35) N/A N/A
2018E 11.5 (30.9) (33.6) (12.00) N/A N/A

Last updated on 12/05/2017

Investment summary

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.

Last updated on 19/06/2017

Industry outlook

IOPtima signed a non-binding term sheet in 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. This amount will be allocated to IOPtima shareholders on a pro rata basis according to the preferences assigned to different classes of IOPtima shares, and the potential allocation to BioLight has not been disclosed. Even if the IOPtima sale proceeds, BioLight may still require additional financing by mid-2017.

Last updated on 01/06/2017

Key management

Israel Makov, Chairman
Suzana Nahum Zilberberg, CEO
Itai Bar-Natan, CFO

Company address

Kiryat Atidim Building 3
5th Floor
Tel Aviv
6158101
Israel
972-73-2753400
View website