Bio-Light Public Offering Raises NIS 30.6 Million

Press Release

May 31, 2006


Bio-Light Public Offering Raises NIS 30.6 Million: Offering
Oversubscribed By More than 7.2 Times the Amount of Stock Offered



Bio-Light Life Sciences Investments Ltd. has announced that a public
offering on the Tel Aviv Stock Exchange yesterday was over-subscribed
by NIS 44 million.

The demand for shares came to more than 7.2 times the amount of stock
offered to the public. The offering closed at the maximum price and
the percentage of allotment to subscribers will remain at only 14
percent.

Two weeks ago, in its institutional share placement, which ensured
that 80 percent of the required amount of funding would be raised,
demand for the shares was oversubscribed at three times the amount of
securities planned to offer to tender.

As a result, a decision was made to increase the size of the Bio-Light
issue from NIS 24 million to NIS 30.6 million.

Bio-Light has offered convertible securities that, in return for issue,
NIS 29, 070,000 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 Bio-Light 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.

Dr. Ami Eyal, CEO of Bio-Light, said today, "We are grateful to the
many investors who have put their faith in our company and its
mission, and we will continue to further its interests with our full
energies and efforts."