Israeli stem cell company Kadimastem Ltd. (TASE: KDST) has announced plans to merge with a Canadian company traded on Nasdaq and to delist from the TASE. The name of the company has not been disclosed. After the deal is completed, Kadimastem's shareholders will hold 88% of the merged company and the Israeli company's activities will switch to the merged company.

Ronen Twito Chairman said, "Listing Kadimastem on Nasdaq is an important and necessary goal for Kadimastem's development and its progress to the company's target markets in the U.S., as we have stated in the past. The MOU is an important step in that direction. It follows the Company's report of receipt of FDA approval for a Phase IIa multi-site clinical trial in the US for the treatment of ALS, and the joint development agreement signed with iTolerance Inc., a Florida based company with a product in the field of diabetes, which we recently reported to have a successful joint INTERCT meeting with the FDA.

We believe that the exposure to the US capital markets will assist Kadimastem in the development of the company's clinical assets and preparations for the planned multi-site clinical trial for the US, and as a result will create value for the company's shareholders".