Over the last few years the Tel Aviv Stock Exchange loosened up on its rules for tech companies looking to go public, and new life science companies from around the world are knocking on its doors as they hunt out fresh capital at a time venture funding has shriveled.
As the Wall Street Journal points out in its in-depth feature, the country already has a reputation as the home for a large number of up-and-coming biotech companies. In the first quarter four life science companies have gone public on the Tel Aviv exchange, and insiders say that companies from Europe and the U.S. have been busily sniffing out opportunities.
"The market here in Tel Aviv is ripe," says Dror Ben-Asher, CEO of RedHill, which raised a little under $15 million from its offering. "There is a lot of growing interest here in biotech."
American biotech companies have been finding it extremely difficult to launch an IPO in the U.S., meanwhile, as investors here steer clear of any fledgling outfits which are heavy on risk and light on revenue.
- here's the story from the Wall Street Journal