Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
| Chemomab Therapeutics Ltd. |
|
(Name of Issuer)
|
|
Ordinary Shares, no par value American Depository Shares, each of which represents twenty Ordinary Shares, no par value |
|
(Title of Class of Securities)
|
| 16385C104** |
|
(CUSIP Number)
|
|
OrbiMed Israel BioFund GP Limited Partnership OrbiMed Israel GP Ltd.
Erez Chimovits 89 Medinat HaYehudim St. Building E, 11th Floor Herzliya 46766, Israel Telephone: 972 73 2822600 |
|
(Name, Address and Telephone Number of Person Authorized
to
|
| January 3, 2023 |
| (Date of Event which Requires Filing of this Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7(b) for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for a Reporting Person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
| ** | This CUSIP number applies to the American Depositary Shares. No CUSIP number exists for the underlying Ordinary Shares. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes)
| CUSIP No. 16385C104 |
| 1 |
Names of Reporting Persons. OrbiMed Israel BioFund GP Limited Partnership | |||
| 2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
| ||
| 3 |
SEC Use Only
| |||
| 4 |
Source of Funds (See Instructions) N/A | |||
| 5 |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
o | ||
| 6 |
Citizenship or Place of Organization State of Israel | |||
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 0 | ||
| 8 |
Shared Voting Power 2,270,091(1) | |||
| 9 |
Sole Dispositive Power 0 | |||
| 10 |
Shared Dispositive Power 2,270,091(1) | |||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 2,270,091(1) | |||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
o | ||
| 13 |
Percent of Class Represented by Amount in Row (11) 19.7%(2) | |||
| 14 |
Type of Reporting Person (See Instructions) PN | |||
| 1. | This total consists of: (i) 2,241,274 American Depositary Shares (“ADSs”) of Chemomab Therapeutics Ltd. (the “Issuer”), and (ii) 28,817 ADSs issuable upon the exercise of warrants to purchase ADSs (the “Warrants”). Each ADS represents 20 Ordinary Shares of the Issuer. |
| 2. | This percentage is calculated based upon 11,525,605 ADSs outstanding as set forth in the Issuer’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2022, filed with the Securities and Exchange Commission on November 10, 2022, and giving effect to the additional 28,817 ADSs that would be outstanding following the exercise of the Warrants. |
| CUSIP No. 16385C104 |
| 1 |
Names of Reporting Persons. OrbiMed Israel GP Ltd. | |||
| 2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
| ||
| 3 | SEC Use Only | |||
| 4 |
Source of Funds (See Instructions) N/A | |||
| 5 | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | o | ||
| 6 |
Citizenship or Place of Organization State of Israel | |||
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 0 | ||
| 8 |
Shared Voting Power 2,270,091(1) | |||
| 9 |
Sole Dispositive Power 0 | |||
| 10 |
Shared Dispositive Power 2,270,091(1) | |||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 2,270,091(1) | |||
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) | o | ||
| 13 |
Percent of Class Represented by Amount in Row (11) 19.7%(2) | |||
| 14 |
Type of Reporting Person (See Instructions) CO | |||
| 1. | This total consists of: (i) 2,241,274 American Depositary Shares (“ADSs”) of Chemomab Therapeutics Ltd. (the “Issuer”), and (ii) 28,817 ADSs issuable upon the exercise of warrants to purchase ADSs (the “Warrants”). Each ADS represents 20 Ordinary Shares of the Issuer. |
| 2. | This percentage is calculated based upon 11,525,605 ADSs outstanding as set
forth in the Issuer’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2022, filed with the Securities and Exchange
Commission on November 10, 2022, and giving effect to the additional 28,817 ADSs that would be outstanding following the exercise of the
Warrants. |
Item 1. Security and Issuer
This Amendment No. 1 (“Amendment No. 1”) to Schedule 13D supplements and amends the Statement on Schedule 13D of OrbiMed Israel GP Ltd. and OrbiMed Israel BioFund GP Limited Partnership (the “Statement”) originally filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2021. This Statement relates to the Ordinary Shares, no par value (the “Ordinary Shares”) and the American Depositary Shares, each representing 20 Ordinary Shares (the “ADSs” and together with the Ordinary Shares, the “Shares”), of Chemomab Therapeutics Ltd., a company organized under the laws of Israel (the “Issuer”), with its principal executive offices located at Kiryat Atidim, Building 7, Tel Aviv 6158002, Israel. The ADSs are listed on the NASDAQ Capital Market under the ticker symbol “CMMB”. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.
This Amendment No. 1 is being filed to report that the beneficial ownership of the Outstanding Shares held by the Reporting Persons (as defined below) was reduced by more than 1% since the last filing following the transactions described in Item 5(c) below.
Item 2. Identity and Background
(a) This Schedule 13D is being filed by OrbiMed Israel GP Ltd., an Israeli company (“OrbiMed Israel”) and OrbiMed Israel BioFund GP Limited Partnership, an Israeli limited partnership (“OrbiMed BioFund”) (collectively, the “Reporting Persons”).
(b) — (c), (f) OrbiMed Israel, a company that acts as general partner of certain limited partnerships, is the general partner of OrbiMed BioFund, which is the general partner of OrbiMed Israel Partners Limited Partnership (“OIP”), an Israeli limited partnership, which holds the securities to which this Statement relates. The address of the principal office of the Reporting Persons is 89 Medinat HaYehudim St., Building E, 11th Floor, Herzliya 46766, Israel.
The directors and executive officers of OrbiMed Israel and OrbiMed BioFund are set forth on Schedules I and II, respectively, attached hereto. Schedules I II set forth the following information with respect to each such person:
(i) name;
(ii) business address;
(iii) present principal occupation of employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and
(iv) citizenship.
(d) — (e) During the last five years, neither the Reporting Persons nor any person named in Schedules I through IV has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
Not applicable.
Item 4. Purpose of Transaction
The Shares acquired by the Reporting Persons were acquired for the purpose of making an investment in the Issuer and not with the intention of acquiring control of the Issuer’s business on behalf of the Reporting Persons’ respective advisory clients.
The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer’s business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuer’s Shares in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time. If the Reporting Persons believe that further investment in the Issuer is attractive, whether because of the market price of Shares or otherwise, they may acquire Shares or other securities of the Issuer either in the open market or in privately negotiated transactions. Similarly, depending on market and other factors, the Reporting Persons may determine to dispose of some or all of the Shares currently owned by the Reporting Persons or otherwise acquired by the Reporting Persons either in the open market or in privately negotiated transactions.
Except as set forth in this Schedule 13D, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries, (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e) any material change in the Issuer’s capitalization or dividend policy of the Issuer, (f) any other material change in the Issuer’s business or corporate structure, (g) any change in the Issuer’s charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person, (h) causing a class of the Issuer’s securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act or (j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) — (b) The following disclosure is based upon 11,525,605 ADSs outstanding as set forth in the Issuer’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2022, filed with the SEC on November 10, 2022, and giving effect to the additional 28,817 ADSs that would be outstanding following the exercise of the warrants to purchase ADSs held by the Reporting Persons.
As of the date of this filing, OIP holds 2,241,274 ADSs and warrants to purchase 28,817 ADSs, constituting approximately 19.7% of the issued and outstanding ADSs, which represents the same percentage of the outstanding Ordinary Shares. OrbiMed Israel, pursuant to its authority as the general partner of OrbiMed BioFund, the general partner of OIP, may be d eemed to indirectly beneficially own the Shares held by OIP. OrbiMed BioFund, pursuant to its authority as the general partner of OIP, may be deemed to indirectly beneficially own the Shares held by OIP. As a result, OrbiMed Israel and OrbiMed BioFund and OIP share the power to direct the vote and to direct the disposition of the Shares held by OIP.
(c)
| Seller | Date of Transaction | Transaction | Number of Shares | Price Per Share |
| OIP | January 3, 2023 | Sold | 336,900 | $3.59 |
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed BioFund is the general partner of OIP pursuant to the terms of the limited partnership agreement of OIP. OrbiMed Israel is the general partner of OrbiMed BioFund, pursuant to the terms of the limited partnership agreement of OrbiMed BioFund. As a result, OrbiMed BioFund has the power to direct the vote and to direct the disposition of the Shares held by OIP and such power is exercised through OrbiMed Israel. OrbiMed Israel exercises this investment power through an investment committee comprised of Carl L. Gordon and Erez Chimovits, each of whom disclaims beneficial ownership of the Shares held by OIP, except to the extent of their pecuniary interest therein. As a result, OrbiMed BioFund and OrbiMed Israel may be deemed directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares held by OIP and to share power to direct the vote and the disposition of the Shares held by OIP. The number of outstanding ADSs attributable to OIP is 2,270,091, which amounts include the ADSs subject to warrants. OrbiMed Israel and OrbiMed BioFund may each be considered to hold indirectly 2,270,091 ADSs.
Item 7. Material to Be Filed as Exhibits
| Exhibit | Description |
| 1. | Joint Filing Agreement between OrbiMed Israel GP Ltd. and OrbiMed Israel BioFund GP Limited Partnership. |
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: January 5, 2023
| ORBIMED ISRAEL BIOFUND GP LIMITED PARTNERSHIP | |||
| By: | OrbiMed Israel GP Ltd., its General Partner | ||
| By: | /s/ Carl L. Gordon | ||
| Name: Carl L. Gordon | |||
| Title: Director | |||
| ORBIMED ISRAEL GP LTD. | |||
| By: | /s/ Carl L. Gordon | ||
| Name: Carl L. Gordon | |||
| Title: Director | |||
SCHEDULE I
The name and present principal occupation of each of the executive officers and directors of OrbiMed Israel GP Ltd. are set forth below. Unless otherwise noted, all of these persons are Israeli citizens and have as their business address 89 Medinat HaYehudim St., Building E, 11th Floor, Herzliya 46766, Israel.
| Name | Position with Reporting Person | Principal Occupation |
|
Carl L. Gordon American Citizen |
Director |
Member OrbiMed Advisors LLC 601 Lexington Avenue, 54th Floor New York, NY 10022 |
| Erez Chimovits | Director |
Partner OrbiMed Israel Partners Limited |
SCHEDULE II
The business and operations of OrbiMed Israel BioFund GP Limited Partnership are managed by the executive officers and directors of its general partner, OrbiMed Israel GP Ltd.
EXHIBIT INDEX
| Exhibit | Description |
| 1. | Joint Filing Agreement between OrbiMed Israel GP Ltd. and OrbiMed Israel BioFund GP Limited Partnership. |