TEL AVIV (Reuters) – Israel’s Else Nutrition BABY.V, which has developed a plant-based infant formula not made from soy, plans to complete a C$25.7 million ($19.3 million) private placement of its shares this week, its chief executive said.
Shareholder H&H International Holding 1112.HK of Hong Kong has bought 11.6% of the shares offered, while Canaccord Genuity CF.TO has taken the rest to sell to investors, Else CEO Hamutal Yitzhak told Reuters.
Else’s formula, made from almonds, buckwheat and tapioca, is organic, vegan and gluten free. Many babies allergic to cow’s milk are also allergic to soy-based formula, Yitzhak said.
“Currently cow’s milk accounts for more than 90% of the market and soy protein for less than 10%,” she said.
Almond is 10 times less allergenic than cow’s milk among babies, according to a 2018 U.S. allergy prevalence study, said Yitzhak, former head of infant nutrition at Abbott Labs Israel.