On March 15, 2021 Anchiano Therapeutics Ltd. ("Anchiano"; Nasdaq: ANCN) and Chemomab Ltd. ("Chemomab"), a clinical-stage biotech company focused on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need, reported that Anchiano’s shareholders voted to approve the contemplated merger with Chemomab and the issuance of Anchiano American Depositary Shares (ADSs) in connection with the pending merger (Press release, Anchiano Therapeutics, MAR 15, 2021, View Source [SID1234576832]). Shareholders also approved a reverse split of Anchiano’s common shares.

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The companies also announced the pricing of a private investment of $45.5 million into the combined company led by new and certain existing investors of Chemomab including Cormorant Asset Management, OrbiMed, Peter Thiel, Christian Angermayer’s Presight Capital and Apeiron Investment Group, as well as other healthcare-focused and institutional investors. The private financing consists of the sale of 41,908,232 ADSs and 4,190,819 accompanying warrants at a purchase price of $1.08443 (pre reverse split to take effect immediately prior to the closing of the merger). The warrants will have an exercise price of $1.08443 and will expire five years from the date of issuance.

Oppenheimer and Co. Inc. served as the sole placement agent for the financing.