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Broadfin Capital Opens a Stake in Celsus, Another Biotech Company Today

Broadfin Capital, Celsus: Broadfin Capital, managed by Kevin Kotler, just disclosed a position in Celsus Therapeutics (OTCQB: CLSXY). According to a SEC filing, Broadfin purchased around 3.5 million shares of Celsus, which represents an 8.9% position in the company. At the current price of Celsus’s stock, the value of Broadfin’s position in the company amounts to over $14 million. Earlier today, Broadfin Capital also disclosed initiating a stake in another biopharmaceutical company, Idera Pharmaceuticals.

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Celsus Therapeutics recently entered into a securities purchasing agreement, which will bring the company gross proceeds worth some $12.5 million. Under the agreement, Celsus sold around 22 million ordinary shares at a price of $0.57 apiece to a group of unnamed institutional healthcare investors. Celsus Therapeutics is a clinical stage company engaged in the development of a new type of anti-inflamatory drugs.

Disclosure: none

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