Israeli Biomed Firm Alpha Tau Medical Plans Dual Listing on Tel Aviv Stock Exchange
Alpha Tau Medical, an Israeli biomed company specializing in innovative cancer treatment, is preparing to list its shares on the Tel Aviv Stock Exchange alongside its existing Nasdaq listing. The company, valued at approximately $1.2 billion, has developed a novel alpha radiation therapy targeting tumors more precisely than traditional cancer radiation treatments. Its technology is currently in advanced trials for cancers including glioblastoma (GBM), pancreatic, head and neck cancers, and certain skin cancers.
Originating from Tel Aviv University, Alpha Tau Medical faced significant challenges and near closure until entrepreneur Uzi Sofer revived it in 2016 after shareholder disputes had halted its operations. In 2022, the company merged with a SPAC and began trading on Nasdaq, where its stock initially dropped over 80% but has surged more than 300% in the past year, reaching a market cap of about 1.2 billion shekels.
Recently, Alpha Tau Medical signed a strategic partnership with U.S.-based Tolmar to commercialize its treatment for urological cancers, starting with prostate cancer. Tolmar will invest $15 million to build a dedicated manufacturing facility in the U.S. and purchase $20 million in shares at a 25% premium over recent prices. Additionally, Tolmar may pay up to $161 million in milestone payments.
This dual listing move aims to increase Alpha Tau Medical’s visibility and access to capital in its home market, reflecting growing investor confidence following its technological progress and strategic collaborations.
