Bio-Light Institutional Placement Oversubscribed

Press Release

May 18,2006

Bio-Light Life Sciences Investments Ltd yesterday closed an
institutional share placement with an oversubscription of NIS 62
million.

Demand was three times the amount of securities planned to
offer for tender (about NIS 19 million), and it was therefore decided
to increase the size of the Bio-Light issue from NIS 24 million to NIS
30.6 million. The institutional offering ensured that 80% of the
required amount of funding would be covered; the percentage of
securities to be issued to institutional investors was set at 60 %.

Bio-Light is offering convertible securities that, in return for issue,
will be deposited with a trustee and bear a 4.5% interest rate. These
securities may be converted at exercise price of NIS 5.75. The issue
closed at the maximum price. The securities are subject to forced
exercise by BioLight when its subsidiary, ObeCure, begins Stage 2 of
its clinical trials for its drug developed to treat weight control.
The securities will be exercised at the lower of the following two
prices: NIS 5.75 per share, or the average share price during the 30
days preceding the forced exercise, less 15%.

Heading the issue were Clal Finance Underwriting Ltd., Rosario Capital
Ltd., Harel Issuing & Underwriting Ltd., Gaon Underwriting &
Investments Ltd., and P.R. Capital Market Research Ltd.