It would have an initial market capitalisation of about $438m, if it floated at $14 per share.

US-based antibody research company KaloBios Pharmaceuticals has raised $70m in its IPO.

Inside Secure has about 15 backers including corporate venturing units from Samsung, Nokia, Qualcomm and Motorola.

The five million shares to be sold in its initial public offering (IPO) will be issued at $9 to $10 each compared to a $13 to $15 range previously announced, according to its regulatory filing.

The about $50m raised at the mid-price would give the company an initial market capitalisation of about $239m on the Nasdaq stock exchange, according to its latest regulatory filing.

Teva still owns a minority stake in Alcobra, Globes added and said former Teva vice-president of innovative ventures, Aharon Schwartz, is now Alcobra's chairman.

In November 2010, RedHill Biopharma, an Israel-based biopharmaceutical company started the year before, raised more than $10m from a consortium including mutual fund manager Fidelity Investments' Biosciences venture capital (VC) team.

Xoom secured $25m in financing from existing investors in 2011, as part of a $58m series F round raised between 2009 and 2011 at $11.45 per share.