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The first part of the four-stage transaction for BioLight’s IOPtima subsidiary to be sold to Chengdu Kanghong Pharmaceutical Group (Chengdu) has been completed, with Chengdu investing $7m directly into IOPtima for a 19% stake in the company. We estimate BioLight will receive about $12m in Q318 as part of the next stage and can now focus on advancing remaining key value drivers Eye-D VS-101 and TeaRx. We now obtain a risk-adjusted net present value (rNPV) valuation of NIS111.3-128.1m (versus NIS112.5-134.3m, previously).

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