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Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ALCOBRA LTD. |
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Registered Office : |
2 Weizman Street, Amot Investment Building Tel Aviv 6423902 |
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Country : |
Israel |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
07.02.2008 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a Biopharmaceutical company, focused on the development
and commercialization an oral drug (MDX), to treat ADHD and other cognitive
dysfunctions including Fragile X Syndrome |
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No. of Employees |
09 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals, following years of prudent fiscal policy and a resilient banking sector. In 2010, Israel formally acceded to the OECD. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. The government formed committees to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government's fiscal position. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition
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Source
: CIA |
ALCOBRA LTD.
Telephone 972 72 220 46 61
Fax 972 72 220 46 64
Email: debbie@alcobra-pharma.com
2 Weizman Street, Amot Investment Building
Tel Aviv 6423902 Israel
Originally established as a private limited company, incorporated as per file
No. 51-409899-5 on the 07.02.2008.
Following a successful IPO, in May 2013 subject converted to a public limited company (keeping same registration No.), and issued shares on the NASDAQ (NASDAQ:ADHD).
Authorized share capital NIS 500,000.00 divided into -
50,000,000 ordinary shares of NIS 0.01 each,
of which 13,636,709shares amounting to NIS 136,367.09 were issued.
1. Dr. Dalia Megiddo, 21%,
2. Udi Gilboa, 20%,
3. HADASIT MEDICAL RESEARCH SERVICES & DEVELOPMENT LTD., 6%, a public limited company traded on the Tel Aviv Stock Exchange, controlled (37%) by the HADASSA MEDICINAL ORGANIZATION,
4. KNOLL CAPITAL MANAGEMENT, 5%, of the USA,
5. Austin W. Marxe, David M. Greenhouse and Adam C. Stettner (together), 5%,
6. Shares are also traded on the NASDAQ Capital Market.
1. Howard B. Rosen, Chairman,
2. Dr. Yaron Daniely, President and General Manager,
3. Ehud (Udi) Gilboa, CFO,
4. Daniel E. Geffken,
5. Dr. Hadas Gelander,
6. Dr. Dalia Megiddo,
7. Ori Mor,
8. Dr. Aharon Schwartz.
A Biopharmaceutical company, focused on the development and commercialization an oral drug (MDX), to treat ADHD and other cognitive dysfunctions including Fragile X Syndrome.
Subject is still in development stages,
Subject received 'Orphan Drug Designation' for the active ingredient in MDX for the treatment of Fragile X Syndrome in the United States (see more in CHARACTER).
Operating from rented premises in 2 Weizman Street, Amot Investment Building (9th floor), Tel Aviv (to where subject moved from 65 Rothschild Ave., Tel Aviv), and from a subsidiary in the USA.
Having 9 employees.
Consolidated B/S:
US$ (thousands)
31.03.2014 31.12.2013
ASSETS
Current assets
Cash and cash equivalents 10,392 22,095
Short term deposits 34,033 28,008
Other current assets 991 115
45,416 50,218
PP&E (net) 94 57
Other non-current assets 93 49
187 106
45,603
50,324
======= =======
LIABILITIES
Current liabilities 3,346 1,636
Equity 42,257 48,688
45,603 50,324
======= =======
Subject raised US$ 25 million in its May 2013 IPO.
In October 2013 subject raised US$ 33 million issuing shares on the NASDAQ.
Subject invested in R&D US$ 7,066,000 in 2013 US$ 818,000 in 2012 and
US$ 1,822,000 in 2011.
Current market value US$ 232.1 million.
There are no charges registered on the company's assets.
Consolidated
Statement of Comprehensive Loss
US$
(thousands)
Year
ended 31.12
2013 2012 2011
R&D expenses, net 7,066 818 1,822
General expenses 3,224 683 2,084
Net comprehensive loss 10,548 1,579 3,929
Net loss 10,548 1,579 4,109
====== ====== =======
2014 first 3 months R&D expenses were US$ 5,522,000, making a net comprehensive loss of US$ 7,757,000 and a net loss of US$ 7,766,000.
ALCOBRA, INC., 100% subject's US agent.
Bank data not forthcoming.
Nothing unfavorable leaned.
As a/m subject is still in development stages.
Subject has initiated a 'Phase 3' clinical trial in the United States for the use of MDX to treat ADHD in adults.
The 'Orphan Drug Designation' provides a seven year term of market exclusivity upon final FDA approval, as well as positions a company to be able to
leverage a wide range of financial and regulatory benefits, including government grants for conducting clinical trials, waiver of expensive FDA
user fees for the potential submission of a New Drug Application,
Israel is considered one of the leading countries in the world in terms of investment in the Life Science and Biotechnology industry. In 2008 Israel was ranked 4th in investments in Biotechnology/GDP, while being among the leaders in the areas of investments and patents in Medical Device and Bio-Pharma fields.
During 2008 total of US$ 87 million were given to local Life Science firms by the Chief Scientist Office.
There are over 900 bio-med companies in Israel, as of 2013, according to the Israeli Advanced Technologies Industries (IATI), some 650 of which are medical devices and some 250 engaged in biotech. One third of the companies were established during the last 5 years. Out of the 900 companies, some 65 companies are publicly traded, the rest are private.
In 2012, around US$ 500 million were invested in bio-med companies, which is over 20% higher than in 2011.
Notwithstanding being still in development stages, considering the successful 2 capital raises and B/S, considered good for trade engagements.
Note: Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.13 |
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|
1 |
Rs.102.83 |
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Euro |
1 |
Rs.82.28 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.