Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 260

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 260
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, an outside, financial advisor that supported NLS during this period of time, Sullivan & Worcester LLP, counsel to NLS, or Sullivan, and Wenger & Vieli Ltd., at that time Swiss counsel to NLS), evaluated and considered several potential target companies as candidates for a possible merger transaction. The evaluation and search process for target companies involved a structured and criteria -basedapproach. NLS began by developing a comprehensive target profile aligned with its strategic objectives. Key selection criteria included: •Therapeutic Alignment: companies operating in therapeutic areas synergistic with NLS’s existing pipeline or strategic expansion goals (e.g., neurology). •Development Stage: companies with assets in preclinical to Phase II development, where risk and upside potential were balanced. •Technology Platform: companies innovative or complementary technology platforms, including gene therapy, cell therapy, RNA -basedapproaches, and targeted biologics. •Intellectual Property (IP): companies with strong and defensible IP portfolios. •Financial Health: companies with reasonable valuation expectations, funding runway and absence of major liabilities. •Cultural and Strategic Fit: alignment in company culture and long -termstrategic vision. •Geographic Considerations: companies headquartered in North America, Israel or Europe to facilitate integration and regulatory alignment. 124 Based on these criteria, NLS screened a broad landscape of over 120 potential biotech companies potentially looking for a reverse merger. This initial list was refined through a combination of desk research, industry databases (e.g., PitchBook, EvaluatePharma), and input from the internal management team, board members, key advisors noted above along with external scientific and commercial industry experts and HCW, NLS’s financial advisor. After applying its criteria, NLS shortlisted a handful of companies for deeper evaluation, including non -confidentialdue diligence and strategic fit assessments. NLS eventually contemplated potential transactions with three prospective candidates: Party A, Party B and Kadimastem. On July 2, 2024, NLS considered a potential business combination transaction with Party B, a wholly -ownedsubsidiary of Vivasor, Inc., headquartered in San Diego, California. Party B is a pioneer in the field of Antibody Drug Conjugates. On July 10, 2024, Party B decided to move forward with another company. Party B was introduced by NLS’s financial advisor: Oded Spindel, Ph.D., MBA, the Senior Vice President of Investment Banking at HCW. On July 2, 2024,