from the January 2008 issue

TASE and NASDAQ sign an MOU

The NASDAQ Stock Market and the Tel Aviv Stock Exchange signed a Memorandum of Understanding that will facilitate the stronger trading of company shares admitted on both markets.

"The development of the Tel Aviv Stock Exchange's international capability is a key strategic objective of the Exchange, said Ester Levanon, CEO of the TASE. "The MOU is an important event and is testament to the quality and opportunity that Israel's capital markets represent for US investors today. With the number of NASDAQ-listed Israeli companies expected to grow over the coming years, NASDAQ will play an important role in the ongoing international development of our markets. I am very much looking forward to a long and mutually beneficial relationship."

To mark the signing of the Memorandum, Levanon attended the closing bell ceremony companies with approximately 50 new companies starting up each year. Between 2001 and 2005, more companies were established in life sciences than in any other industry in Israel. Factors contributing to the success of this burgeoning industry include cooperation between academia and business, an entrepreneurial spirit, and a highly skilled workforce.

In a presentation to investors, Yissum said that it posted $40 million revenue in 2006, and that sales of products derived from its know-how amounted to $1 billion. Most of this revenue comes from two drugs, Doxil and Exelon, and a proprietary tomato variety developed at Hebrew University that is suitable for greenhouses. Yissum has founded 60 companies to date. Yissum companies raised $150 million over the past year. at NASDAQ in New York..

NASDAQ currently has 70 Israeli companies listed on the exchange. These companies have a combined global market cap of over $60 billion.

NASDAQ is the largest US equities exchange. With approximately 3,100 companies, it lists more companies and, on average, trades more shares per day than any other US market.

Reprinted from the Israel High-Tech & Investment Report January 2008

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