Alpha Tau Medical, the developer of radiotherapy for cancer in Israel, announced that it has signed an agreement to merge with Special Purpose Acquisition Company (SPAC) HealthCare Capital Corp. (Nasdaq: HCCC). The market capitalization of the company that acquires Alpha Tau is $240 million, but when the merger is complete, Alpha Tau will be worth $1 billion. Related Articles Israeli cancer treatment company Alpha Tau raises $26 million for a new cancer radiation method from Alpha Tau that proves effective Effective and focused treatment of solid cancers (non-blood cancers) is an area in demand on the stock exchanges, but it is very difficult to obtain significant results for these types of cancers. cancer. In 2019, Alpha Tau reported good results for a phase 1 clinical trial in 28 patients with brain and neck tumors and squamous cell carcinomas. With 78% of patients the tumor is completely gone and 61% of patients have had another treatment that has failed. Alpha Tau is currently conducting trials for four other types of cancer – breast, oral cavity, pancreatic and skin. Alpha Tau reinvented itself in 2016 after activities were halted due to frictions between shareholders. Run by CEO Uzi Sofer, former CEO of Brainsway, the Alpha DaRT technology was invented in 2003 by Professor Isaac Keelson and Professor Yona Kisari of Tel Aviv University. Alpha DaRT (Alpha Emitter Diffuse Radiotherapy) provides highly effective and compatible alpha radiation to solid tumors. The treatment is carried out by inserting seeds impregnated with radium 224 into the tumor. When radium decays, its short-lived offspring are released from the seed, scattering while emitting high-energy alpha particles that destroy the tumor. Since the alpha-emitting atoms are scattered only a short distance, Alpha DaRT primarily affects the tumor, preserving the healthy tissue around it. According to IVC, Alpha Tau has raised $80 million so far and in its Series B funding round in 2018, Shavit Capital, which often invests in IPOs on foreign stock markets, invested in the company. Other investors in the company include OurCrowd, Sir Ronald Cohen, Alan Patricof, Dynamic Loop Capital, Howard Sterling and Medison Ventures. Published by Globes, Israel business news – en.globes.co.il – on July 8, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
Alpha Tau Medical has approved a $1 billion SPAC merger
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