6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of May, 2015

Commission File Number 001-35948

Kamada Ltd.

(Translation of registrant’s name into English)

7 Sapir St.

Kiryat Weizmann Science Park

P.O Box 4081

Ness Ziona 74140

Israel

 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F TForm 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨No T

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statement File No. 333-192720.

The following exhibits are attached:

99.1 Press Release: Kamada Reports First Quarter 2015 Financial Results

99.2 Kamada Ltd.’s Consolidated Financial Statements as of March 31, 2015 (Unaudited)

99.3 Disclosure for Debenture Holders as of March 31, 2015

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 12, 2015	KAMADA LTD.
	By:	/s/ Gil Efron
		Gil Efron
		Chief Financial Officer

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Press Release: Kamada Reports First Quarter 2015 Financial Results
99.2	Kamada Ltd.’s Consolidated Financial Statements as of March 31, 2015 (Unaudited)
99.3	Disclosure for Debenture Holders as of March 31, 2015

EX-99.1

EXHIBIT 99.1

News Release  

Kamada Reports First Quarter 2015 Financial Results

Introduces 2015 Revenue Guidance

Conference call begins today at 8:30 a.m. Eastern time

NESS ZIONA, Israel (May 12, 2015) – Kamada Ltd. (NASDAQ and TASE: KMDA), a plasma-derived protein therapeutics company focused on orphan indications, announces financial results for the three months ended March 31, 2015.

Financial highlights of the 2015 first quarter included:

· Total revenues of $9.0 million compared with $13.2 million for the first quarter of 2014;

· Gross profit of $0.4 million compared with $3.3 million in the year-ago first quarter; and

· Adjusted net loss of $4.8 million compared with an adjusted net loss of $2.0 in the year-ago first quarter.

Other highlights of the 2015 first quarter and recent weeks included:

· Announced additional results from the European Phase 2/3 clinical trial of the Company’s inhaled AAT to treat AAT deficiency (AATD), which showed clinically and statistically significant improvement in lung function and improvements in quality-of-life parameters;

· Awarded European Orphan Drug Designation for AAT to treat Graft-versus-Host disease (GvHD);

· Announced that effective July 1st, 2015 David Tsur, co-founder and Chief Executive Officer, will become Deputy Executive Chairman of the Board, and Amir London, currently Senior Vice President of Business Development, will become Chief Executive Officer and Gil Efron, currently Chief Financial Officer, will take on the added role of Deputy Chief Executive Officer; and

· Strengthened the senior leadership team with the appointment of Eran Schenker, M.D. as Vice President-Medical Director.

Management Commentary

“We made progress during the first quarter across a number of key areas, specifically with regard to advancing our program for inhaled AAT. We continued to build our core protein plasma business despite Proprietary Product revenue being impacted by a delay in the release of product batches as we awaited final validation of a filling process. This process was validated in April and  the delayed revenue from the first quarter will be realized in the second quarter of 2015 and gross profit is expected to return to levels gained in prior quarters.  As a result, we remain confident in our ability to achieve our revenue targets for 2015 as well our 2017 revenue goal of $100 million, which includes approximately 75% growth in the Proprietary Products Segment. Increases in the number of patients treated by Glassia are on track through the quarter to meet our target to double the number of patients treated by our intravenous AAT world wide by 2018,” stated David Tsur, co-founder and Chief Executive Officer of Kamada.”

“Our relationship with Baxter, our U.S. strategic partner for Glassia®, remains strong as we collaborate to grow sales and expand use to other indications of unmet medical need.  We are pleased with the consistently increasing number of patients treated by Glassia.  We expect this growth to accelerate in the coming years and to remain a strong contributor to our revenue growth.”

“We were especially pleased to report final results from our European Phase 2/3 clinical study, which showed clinically and statistically significant improvements in spirometric measures of lung function, particularly in bronchial airflow measurements FEV1 (L), FEV1% predicted and FEV1/SVC.  These favorable results were even more pronounced when analyzing the overall treatment effect throughout the full year.”

“Lung functions are the gold standard measurement for pulmonary disease, and along with symptom improvements and the safety profile of the product, these data support our decision to submit a Marketing Authorization Application with the European Medicines Agency for our inhaled AAT therapy to treat AATD patients.  We expect to make this filing by year-end 2015.”

“We remain pleased with the ongoing favorable data generated from clinical development programs with our intravenous AAT to treat newly diagnosed type 1 diabetes and GvHD, both orphan indications with significant unmet medical need. These results are encouraging us to pursue this opportunity.  In addition to these ongoing studies, we plan to initiate a Phase 2 proof-of-concept study with intravenous AAT to treat patients undergoing lung transplantation.”

“We look forward to achieving a number of important milestones throughout the balance of 2015.  We expect strong second quarter revenue along with continued clinical progress in various programs to strengthen our Company and enhance shareholder value,” concluded Mr. Tsur.

First Quarter Financial Results

Total revenues for the first quarter of 2015 were $9.0 million compare with $13.2 million for the first quarter of 2014.  Revenue from the Proprietary Products Segment was $3.2 million compared with $7.4 million in the year-ago quarter, due to a delay in the release of product batches as the Company awaited final validation of a filling process.  This process was validated in April and the Company expects delayed revenue from the first quarter 2015 to be realized in the second quarter of 2015.  Revenue from the Distributed Product Segment remained steady at $5.8 million for the first quarters of 2015 and 2014.

Gross profit for the first quarter of 2015 was $0.4million compared with $3.3 million for the first quarter of 2014.  Gross margin declined to 4% from 25% in the first quarter of 2014. The decline was a result of lower Proprietary Product revenue for reasons stated earlier and to changes during the quarter in foreign exchange rates in the Distributed Product Segment.

Research and development expenses in the first quarter of 2015 were $3.6 million, up from $3.4 million in the first quarter of 2014 as the company continued to support various clinical studies including three key clinical trials and the closing and analysis of the European Phase 2/3 study of inhaled AAT.

Selling, general and administrative expenses in the first quarter of 2015 of $2.5 million decreased modestly from $2.6 million in the first quarter of 2014.

For the first quarter of 2015, the Company reported an operating loss of $5.8 million compared with an operating loss of $2.7 million for the first quarter of 2014.  The Company recorded a net loss for the first quarter of 2015 of $5.3 million or $0.15 per share, compared with a net loss of $3.1 million or $0.09 per share for the same period in 2014.  The adjusted net loss for the first quarter of 2015 was $4.8 million compared with an adjusted net loss of $2.0 million for the same period in 2014.

Adjusted EBITDA for the first quarter of 2015 was a loss of $4.5 million compared with a loss of $1.0 million for the first quarter of 2014.

Balance Sheet Highlights

As of March 31, 2015, Kamada had cash, cash equivalents and short-term investments of $49.7 million, compared with $51.9 million as of December 31, 2014. During the first quarter of 2015, the Company used $2.0 million in cash to fund operations and $0.5 million for capital expenditures.

2015 Revenue Guidance

For the year ending December 31, 2015, Kamada expects total revenue to be between $70 million and $73 million, with revenue from its Distributed Product Segment projected to be between $26 million and $28 million and revenue from its Proprietary Products Segment projected to be between $45 million and $47 million.  The Company notes that revenue projections for 2015 take into account an expected negative foreign exchange impact of approximately $2.0 million in relation to product sales in Israel and Russia, and presume that U.S. revenue from the agreement with Baxter remains on track.

Conference Call

Kamada management will host an investment community conference call today at 8:30 a.m. Eastern time to discuss these results and answer questions.  Shareholders and other interested parties may participate in the conference call by dialing 888-803-5993 (from within the U.S.), 706-634-5454 (from outside the U.S.) or 1-809-315-362(toll-free from Israel) and entering the conference identification number: 44127836.

A replay of the call will be accessible beginning two hours after its completion through May 18, 2015 by dialing 855-859-2056 (from within the U.S.) or 404-537-3406 (from outside the U.S.) and entering the conference identification number: 44127836. The call will also be archived for 90 days at www.streetevents.com and www.kamada.com.

About Kamada

Kamada Ltd. is focused on plasma-derived protein therapeutics for orphan indications, and has a commercial product portfolio and a robust late-stage product pipeline.  The Company uses its proprietary platform technology and know-how for the extraction and purification of proteins from human plasma to produce Alpha-1 Antitrypsin (AAT) in a highly-purified, liquid form, as well as other plasma-derived proteins.   AAT is a protein derived from human plasma with known and newly-discovered therapeutic roles given its immunomodulatory, anti-inflammatory, tissue-protective and antimicrobial properties. The Company’s flagship product is Glassia®, the first and only liquid, ready-to-use, intravenous plasma-derived AAT product approved by the U.S. Food and Drug Administration. Kamada markets Glassia in the U.S. through a strategic partnership with Baxter International.  In addition to Glassia, Kamada has a product line of nine other injectable pharmaceutical products that are marketed through distributors in more than 15 countries, including Israel, Russia, Brazil, India and other countries in Latin America, Eastern Europe and Asia.  Kamada has five late-stage plasma-derived protein products in development, including an inhaled formulation of AAT for the treatment of AAT deficiency that completed pivotal Phase 2/3 clinical trials in Europe and entered Phase 2 clinical trials in the U.S.   Kamada also leverages its expertise and presence in the plasma-derived protein therapeutics market by distributing 10 complementary products in Israel that are manufactured by third parties.

Cautionary Note Regarding Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that are not historical facts, such as statements regarding assumptions and results related to financial results forecast, commercial results, timing and results of clinical trials and EMA and U.S. FDA authorizations.  Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions.  Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, unexpected results of clinical trials, delays or denial in the U.S. FDA or the EMA approval process, additional competition in the AATD market or further regulatory delays.  The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Contacts:	Anne Marie Fields
Gil Efron	LHA
CFO	212-838-3777
ir@kamada.com	afields@lhai.com

-Tables to Follow-

CONSOLIDATED BALANCE SHEETS

	As of March 31,						As of December 31,
	2015			2014			2014
	Unaudited						Audited
	In thousands
Current Assets
Cash and cash equivalents	$	13,011		$	33,314		$	14,546
Short-term investments		36,693			38,811			37,350
Trade receivables		8,863			12,592			17,514
Other accounts  receivables		2,954			3,284			2,359
Inventories		27,435			28,614			25,423
		88,956			116,615			97,192
Property, plant and equipment, net		21,523			21,384			21,769
Other long-term assets		110			262			179
		21,633			21,646			21,948
		110,589			138,261			119,140
Current Liabilities
Short term credit and Current maturities of convertible debentures		7,411			8,678			7,492
Trade payables		13,376			16,321			16,530
Other accounts payables		3,493			3,750			4,045
Deferred revenues		2,799			5,431			2,919
		27,079			34,180			30,986
Non-Current Liabilities
Convertible debentures		-			7,686			-
Employee benefit liabilities, net		739			801			722
Deferred revenues		6,958			7,683			7,015
		7,697			16,170			7,737
Equity
Share capital		9,227			9,201			9,208
Share premium		158,893			157,117			158,417
Conversion option in convertible debentures		1,147			2,217			1,147
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		(265	)		87			(116	)
Capital reserve from available for sale  financial assets		128			12			10
Capital reserve from share-based payments		9,009			6,266			8,783
Capital reserve from employee benefits		(81	)		(129	)		(81	)
Accumulated deficit		(98,755	)		(83,370	)		(93,461	)
		75,813			87,911			80,417
	$	110,589		$	138,261		$	119,140

Consolidated Statements of Comprehensive Income

	Three months period Ended March, 31						Year ended December 31
	2015			2014			2014
	Unaudited						Audited
	In thousands
Revenues from proprietary products	$	3,173		$	7,421		$	44,389
Revenues from distribution		5,757			5,766			26,676
Total revenues		8,930			13,187			71,065
Cost of revenues from proprietary products		3,295			5,003			32,617
Cost of revenues from distribution		5,243			4,922			23,406
Total cost of revenues		8,538			9,925			56,023
Gross profit		392			3,262			15,042
Research and development expenses		3,643			3,365			16,030
Selling and marketing expenses		799			647			2,898
General and administrative expenses		1,700			1,957			7,593
Operating loss		(5,750	)		(2,707	)		(11,479	)
Financial income		182			243			1,611
Income in respect of currency exchange and translation   differences and derivatives instruments, net		513			39			-
Financial expense		(239	)		(674	)		(3,293	)
Loss before  taxes on income		(5,294	)		(3,099	)		(13,161	)
Taxes on income		-			23			52
Net loss		(5,294	)		(3,122	)		(13,213	)
Other Comprehensive loss:
Items that may be reclassified to profit or loss in subsequent periods:
Gain on available for sale financial assets		118			39			37
Profit (loss) on cash flow hedges		(221	)		29			(162	)
Net amounts transferred to the statement of profit or loss for cash flow hedges		72			(98	)		(110	)
Items that will not be reclassified to profit or loss in subsequent periods:
Actuarial gain from defined benefit plans		-			-			48
Total comprehensive loss	$	(5,325	)	$	(3,152	)	$	(13,400	)
Loss per share attributable to equity holders of the Company:
Basic loss per share	$	(0.15	)	$	(0.09	)		(0.37	)
Diluted loss per share	$	(0.15	)	$	(0.09	)		(0.37	)
Weighted-average number of ordinary shares used to compute    income (loss) per share attributable to equity holders:		35,993,130			35,960,487			35,971,335

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended March, 31						Year Ended December 31,
	2015			2014			2014
	Unaudited						Audited
	In thousands
Cash Flows from Operating Activities
Net loss	$	(5,294	)	$	(3,122	)	$	(13,213	)
Adjustments to reconcile loss to net cash used in operating activities:
Adjustments to the profit or loss items:
Depreciation and amortization		771			663			2,788
Finance expenses, net		(447	)		392			1,682
Cost of share-based payment		505			1,086			3,751
Taxes on income		-			23			52
Loss from sale of property and equipment		-			-			(2	)
Change in employee benefit liabilities, net		17			(26	)		(57	)
		846			2,138			8,214
Changes in asset and liability items:
Decrease (increase) in trade receivables		8,418			5,236			(869	)
Increase in other accounts receivables		(829	)		(240	)		(50	)
Increase in inventories		(2,012	)		(6,681	)		(3,490	)
Decrease  in deferred expenses		71			559			1,209
Decrease (increase)   in trade payables		(2,572	)		2,241			3,261
Decrease in other accounts payables		(659	)		(563	)		(344	)
Decrease  in deferred revenues		(177	)		(846	)		(4,026	)
		2,240			(294	)		(4,309	)
Cash paid and received during the period for:
Interest paid		(121	)		(301	)		(1,210	)
Interest received		350			94			758
Taxes paid		(29	)		(60	)		(158	)
		200			(267	)		(610	)
Net cash used in operating activities	$	(2,008	)	$	(1,545	)	$	(9,918	)

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended March 31						Year Ended December 31
	2015			2014			2014
	Unaudited						Audited
Cash Flows from Investing Activities	$	425		$	(23,432	)	$	(23,746	)
Short-term investments		(509	)		(616	)		(3,076	)
Purchase of property and equipment		-			-			3
Proceeds from sale of property and equipment
		(84	)		(24,048	)		(26,819	)
Net cash used in investing activities
Cash Flows from Financing Activities		-			-			-
Exercise of warrants and options into shares		-			-			88
Short term credit from bank and others, net		-			-			(7,728	)
Repayment of convertible debentures
Net cash provided by (used in) financing activities		-			-			(7,640	)
		557			(203	)		(187	)
Exchange differences on balances of cash and cash equivalent
		(1,535	)		(25,796	)		(44,564	)
Decrease in cash and cash equivalents
		14,546			59,110			59,110
Cash and cash equivalents at the beginning of the year
	$	13,011		$	33,314		$	14,546
Cash and cash equivalents at the end of the period
Significant non-cash transactions
Exercise of convertible debentures into shares	$	-		$	7		$	7
Exercise of options into shares	$	216		$	-		$	-

Adjusted EBITDA

	Three months period Ended March 31						For the year Ended December 31
	2015			2014			2014
	Thousands of US dollar
Net income (loss)	$	(5,294	)	$	(3,122	)	$	(13,213	)
Income tax expense		-			23			52
Financial expense, net		57			431			1,682
Depreciation and amortization expense		771			663			2,788
Share-based compensation charges		505			1,086			3,751
Income in respect of translation differences and derivatives instruments, net		(513	)		(39	)		-
Adjusted EBITDA	$	(4,474	)	$	(958	)	$	(4,940	)

Adjusted net income

	Three months period Ended March 31						For the year Ended December 31
	2015			2014			2014
	Thousands of US dollar
Net income (loss)	$	(5,294	)	$	(3,122	)	$	(13,213	)
Share-based compensation charges		505			1,086			3,751
Adjusted EBITDA	$	(4,789	)	$	(2,036	)	$	(9,462	)

EX-99.2

EXHIBIT 99.2

KAMADA LTD.

CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2015

TABLE OF CONTENTS

	Page
Consolidated Balance Sheets	2
Consolidated Statements of Comprehensive Income	3
Consolidated Statements of Changes in Equity	4-5
Consolidated Statements of Cash Flows	6-7
Notes to the Consolidated Financial Statements	8-11

KAMADA LTD.

CONSOLIDATED BALANCE SHEETS

	As of March 31,						As of December 31,
	2015			2014			2014
	Unaudited						Audited
	In thousands
Current Assets
Cash and cash equivalents	$	13,011		$	33,314		$	14,546
Short-term investments		36,693			38,811			37,350
Trade receivables		8,863			12,592			17,514
Other accounts  receivables		2,954			3,284			2,359
Inventories		27,435			28,614			25,423
		88,956			116,615			97,192
Property, plant and equipment, net		21,523			21,384			21,769
Other long-term assets		110			262			179
		21,633			21,646			21,948
		110,589			138,261			119,140
Current Liabilities
Short term credit and Current maturities of convertible debentures		7,411			8,678			7,492
Trade payables		13,376			16,321			16,530
Other accounts payables		3,493			3,750			4,045
Deferred revenues		2,799			5,431			2,919
		27,079			34,180			30,986
Non-Current Liabilities
Convertible debentures		-			7,686			-
Employee benefit liabilities, net		739			801			722
Deferred revenues		6,958			7,683			7,015
		7,697			16,170			7,737
Equity
Share capital		9,227			9,201			9,208
Share premium		158,893			157,117			158,417
Conversion option in convertible debentures		1,147			2,217			1,147
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		(265	)		87			(116	)
Capital reserve from available for sale  financial assets		128			12			10
Capital reserve from share-based payments		9,009			6,266			8,783
Capital reserve from employee benefits		(81	)		(129	)		(81	)
Accumulated deficit		(98,755	)		(83,370	)		(93,461	)
		75,813			87,911			80,417
	$	110,589		$	138,261		$	119,140

The accompanying Notes are an integral part of the Consolidated Financial Statements.

2

KAMADA LTD.

Consolidated Statements of Comprehensive Income

	As of March 31,						Year ended December 31
	2015			2014			2014
	Unaudited						Audited
	In thousands
Revenues from proprietary products	$	3,173		$	7,421		$	44,389
Revenues from distribution		5,757			5,766			26,676
Total revenues		8,930			13,187			71,065
Cost of revenues from proprietary products		3,295			5,003			32,617
Cost of revenues from distribution		5,243			4,922			23,406
Total cost of revenues		8,538			9,925			56,023
Gross profit		392			3,262			15,042
Research and development expenses		3,643			3,365			16,030
Selling and marketing expenses		799			647			2,898
General and administrative expenses		1,700			1,957			7,593
Operating loss		(5,750	)		(2,707	)		(11,479	)
Financial income		182			243			1,611
Income in respect of currency exchange and translation differences and derivatives instruments, net		513			39			-
Financial expense		(239	)		(674	)		(3,293	)
Loss before  taxes on income		(5,294	)		(3,099	)		(13,161	)
Taxes on income		-			23			52
Net loss		(5,294	)		(3,122	)		(13,213	)
Other Comprehensive loss:
Items that may be reclassified to profit or loss in subsequent periods:
Gain on available for sale financial assets		118			39			37
Profit (loss) on cash flow hedges		(221	)		29			(162	)
Net amounts transferred to the statement of profit or loss for cash flow hedges		72			(98	)		(110	)
Items that will not be reclassified to profit or loss in subsequent periods:
Actuarial gain from defined benefit plans		-			-			48
Total comprehensive loss	$	(5,325	)	$	(3,152	)	$	(13,400	)
Loss per share attributable to equity holders of the Company:
Basic loss per share	$	(0.15	)	$	(0.09	)		(0.37	)
Diluted loss per share	$	(0.15	)	$	(0.09	)		(0.37	)

The accompanying Notes are an integral part of the Consolidated Financial Statements

3

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Share Capital		Share premium		Conversion option in convertible debentures		Capital reserve from available for sale financial assets		Capital reserve due to translation to presentation currency			Capital reserve from hedges			Capital reserve from share-based payments			Capital reserve from employee benefits			Accumulated deficit			Total equity
	Unaudited
	In thousands
Balance as of January 1, 2015	$	9,208	$	158,417	$	1,147	$	10	$	(3,490	)	$	(116	)	$	8,783		$	(81	)	$	(93,461	)	$	80,417
Net loss		-		-		-		-		-			-			-			-			(5,294	)		(5,294	)
Other comprehensive income (loss)		-		-		-		118		-			(149	)		-			-			-			(31	)
Total comprehensive income (loss)		-		-		-		118					(149	)								(5,294	)		(5,325	)
Exercise of options into shares		19		476												(279	)								216
Cost of share-based payment		-		-		-		-		-			-			505			-			-			505
Balance as of March  31, 2015	$	9,227	$	158,893	$	1,147	$	128	$	(3,490	)	$	(265	)	$	9,009		$	(81	)	$	(98,755	)		75,813

	Share Capital			Share premium		Conversion option in convertible debentures			Capital reserve from available for sale financial assets			Capital reserve due to translation to presentation currency			Capital reserve from hedges			Capital reserve from share-based payments			Capital reserve from employee benefits			Accumulated deficit			Total equity
	Unaudited
	In thousands
Balance as of January 1, 2014	$	9,201		$	157,100	$	2,218		$	(27	)	$	(3,490	)	$	156		$	5,189		$	(129	)	$	(80,248	)	$	89,970
Net loss		-			-		-			-			-			-			-			-			(3,122	)		(3,122	)
Other comprehensive income (loss)		-			-		-			39			-			(69	)		-			-			-			(30	)
Total comprehensive income (loss)		-			-		-			39						(69	)								(3,122	)		(3,152	)
Conversion of convertible debentures into shares		(*	)		8		(1	)		-			-			-			-			-			-			7
Forfeiture of options		-			9		-			-			-			-			(9	)		-			-			-
Cost of share-based payment		-			-		-			-			-			-			1,086			-			-			1,086
Balance as of March  31, 2014	$	9,201		$	157,117	$	2,217		$	12		$	(3,490	)	$	87		$	6,266		$	(129	)	$	(83,370	)	$	87,911

 (*) Represents an amount lower than $1

The accompanying Notes are an integral part of the Consolidated Financial Statements.

4

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Share capital			Share premium		Warrants		Conversion option in convertible debentures			Available for sale reserve			Capital reserve due to translation to presentation currency			Capital reserve from hedges			Capital reserve from share-based payments			Capital reserve from employee benefits			Accumulated deficit			Total equity
	In thousands
Balance as of December 31, 2013	$	9,201		$	157,100	$	-	$	2,218		$	(27	)	$	(3,490	)		156		$	5,189		$	(129	)	$	(80,248	)	$	89,970
Net loss		-			-		-		-			-			-			-			-			-			(13,213	)		(13,213	)
Other comprehensive income (loss)		-			-		-		-			37			-			(272	)		-			48			-			(187	)
Total comprehensive income (loss)		-			-		-		-			37			-			(272	)		-			48			(13,213	)		(13,400	)
Exercise of options into shares		7			238		-		-			-			-			-			(157	)		-			-			88
Conversion of convertible debentures into shares		(*	)		9		-		(1	)		-			-			-			-			-			-			8
Expiration of conversion option on convertible debentures		-			1,070		-		(1,070	)		-			-			-			-			-			-			-
Cost of share-based payment		-			-		-		-			-			-			-			3,751			-			-			3,751
Balance as of December 31, 2014	$	9,208		$	158,417	$	-	$	1,147		$	10		$	(3,490	)	$	(116	)	$	8,783		$	(81	)	$	(93,461	)	$	80,417

(*) Represents an amount lower than $1

The accompanying Notes are an integral part of the Consolidated Financial Statements.

5

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended March, 31						Year Ended December 31,
	2014			2015			2014
	Unaudited						Audited
	In Thousands
Cash Flows from Operating Activities
Net loss	$	(5,294	)	$	(3,122	)	$	(13,213	)
Adjustments to reconcile loss to net cash used in operating activities:
Adjustments to the profit or loss items:
Depreciation and amortization		771			663			2,788
Finance expenses, net		(447	)		392			1,682
Cost of share-based payment		505			1,086			3,751
Taxes on income		-			23			52
Loss from sale of property and equipment		-			-			(2	)
Change in employee benefit liabilities, net		17			(26	)		(57	)
		846			2,138			8,214
Changes in asset and liability items:
Decrease (increase) in trade receivables		8,418			5,236			(869	)
Increase in other accounts receivables		(829	)		(240	)		(50	)
Increase in inventories		(2,012	)		(6,681	)		(3,490	)
Decrease  in deferred expenses		71			559			1,209
Decrease (increase) in trade payables		(2,572	)		2,241			3,261
Decrease in other accounts payables		(659	)		(563	)		(344	)
Decrease  in deferred revenues		(177	)		(846	)		(4,026	)
		2,240			(294	)		(4,309	)
Cash paid and received during the period for:
Interest paid		(121	)		(301	)		(1,210	)
Interest received		350			94			758
Taxes paid		(29	)		(60	)		(158	)
		200			(267	)		(610	)
Net cash used in operating activities	$	(2,008	)	$	(1,545	)	$	(9,918	)

The accompanying Notes are an integral part of the Consolidated Financial Statements.

6

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended March 31						Year Ended December 31
	2015			2014			2014
	Unaudited						Audited
	In Thousands
Cash Flows from Investing Activities	$	425		$	(23,432	)	$	(23,746	)
Short-term investments		(509	)		(616	)		(3,076	)
Purchase of property and equipment		-			-			3
Proceeds from sale of property and equipment
		(84	)		(24,048	)		(26,819	)
Net cash used in investing activities
Cash Flows from Financing Activities		-			-			-
Exercise of warrants and options into shares		-			-			88
Short term credit from bank and others, net		-			-			(7,728	)
Repayment of convertible debentures
Net cash provided by (used in) financing activities		-			-			(7,640	)
		557			(203	)		(187	)
Exchange differences on balances of cash and cash equivalent
		(1,535	)		(25,796	)		(44,564	)
Decrease in cash and cash equivalents
		14,546			59,110			59,110
Cash and cash equivalents at the beginning of the year
	$	13,011		$	33,314		$	14,546
Cash and cash equivalents at the end of the period
Significant non-cash transactions
Exercise of convertible debentures into shares	$	-		$	7		$	7
Exercise of options into shares	$	216		$	-		$	-

The accompanying Notes are an integral part of the Consolidated Financial Statements.

7

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1:- General

These Financial Statements have been prepared in a condensed format as of March 31, 2015 and for the three months then ended ("interim consolidated financial statements").

These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2014 and for the year then ended and the accompanying notes ("annual consolidated financial statements").

Note 2:- Significant Accounting Policies

a. Basis of preparation of the interim consolidated financial statements:

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting".

Note 3:- Operating Segments

a. General:

The company has two operating segments, as follows:

Proprietary Products	-	Medicine development, manufacture and sale of plasma-derived therapeutics products.
Distribution	-	Distribution of drugs in Israel manufacture by other companies for clinical uses, most of which are produced from plasma or its derivatives products.

b. Reporting on operating segments:

	Proprietary Products			Distribution		Total
	In thousands
	Unaudited
Three months period ended March 31,2015
Revenues	$	3,173		$	5,757	$	8,930
Gross profit (loss)	$	(122	)	$	514		392
Unallocated corporate expenses							(6,142	)
Finance expenses, net							456
Loss before taxes on income						$	(5,294	)

8

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 3:- Operating Segments (Cont.)

	Proprietary Products		Distribution		Total
	In thousands
	Unaudited
Three months period Ended March 31,2014
Revenues	$	7,421	$	5,766	$	13,187
Gross profit	$	2,418	$	844		3,262
Unallocated corporate expenses						(5,969	)
Finance expenses, net						(392	)
Loss before taxes on income					$	(3,099	)

	Proprietary Products		Distribution		Total
	In thousands
Year Ended December 31, 2014
Revenues	$	44,389	$	26,676	$	71,065
Gross profit	$	11,772	$	3,270	$	15,042
Unallocated corporate expenses						(26,521	)
Finance expenses, net						(1,682	)
Loss before taxes on income					$	(13,161	)

9

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4:- Financial Instruments

a. Classification of financial instruments by fair value hierarchy

Financial assets measured at fair value

	Level 1		Level 2
	In thousands
March 31, 2015
Marketable securities at fair value through profit or loss:
Equity shares	$	583	$	-
Mutual funds		1,314		-
Exchange traded notes		35		-
Debt securities (corporate and government)		6,685		-
		8,617
Available for sale debt securities (corporate and government)	$	-	$	28,076
	$	8,617	$	28,076
March 31, 2014
Derivatives instruments qualified for hedging	$	-	$	117
Marketable securities at fair value through profit or loss:
Equity shares		1,051		-
Mutual funds		2,290		-
Exchange traded notes		79		-
Debt securities (corporate and government)		8,786		-
		12,206		117
Available for sale debt securities (corporate and government)	$	-	$	26,605
	$	12,206	$	26,722
December 31, 2014
Marketable securities at fair value through profit or loss:
Equity shares	$	587	$	-
Mutual funds		577		-
Exchange traded notes		46		-
Debt securities (corporate and government)		7,610		-
Available for sale debt securities (corporate and government)		-		28,530
	$	8,820	$	28,530

Financial liabilities measured at fair value:

	Level 1		Level 2
	In thousands
March 31, 2015
Derivatives instruments qualified for hedging	$	-	$	183
December 31, 2014
Derivatives instruments qualified for hedging	$	-	$	76

10

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4:- Financial Instruments (Cont.)

Liabilities for which fair values are disclosed

	Level 1
	In thousands
March 31, 2015
Convertible debentures	$	7,411
March 31, 2014
Convertible debentures	$	25,763
December 31, 2014
Convertible debentures	$	8,275

During the three months ended on March 31, 2015 there was no transfer due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

Note 5:- Subsequent Events

1. On April 26, 2015 the Company's Compensation Committee approved an increase of the pool of shares allocated for grant under the 2011 option plan by 500,000 shares.

2. On April 27, 2015 the Company's Board of Directors approved the grant, for no consideration, of 519,400 options to employees, management and directors of the Company exercisable into ordinary shares at an exercise price of NIS 17.84 for employees and 18.73 for management and directors. The fair value of the options was estimated at $1.2 million.

11

EX-99.3

EXHIBIT 99.3

Disclosure for debenture holders as of March 31, 2015

1. Summary of Financial Undertakings (according to repayment dates) as of March 31, 2015

Israeli Securities Law Regulations (Periodic and Immediate Reports) 38e

a. Convertible debentures issued to the public by the Company and held by the public.

	Principal payments		Gross interest payments (without deduction of tax)		Total
	ILS
one year		30,246,082		1,432,430		31,678,512
Total		30,246,082		1,432,430		31,678,512

b. Bank guarantees as of March 31, 2015, totaling US $169 thousand

2. Details with Regard to Company Debentures

Israeli Securities Law Regulations (Periodic and Immediate Reports) 10(b)13 and 48c(12)

Issue Date	Par value at issuance (US Dollar)	Accumulated interest (US Dollar)	Book value (US Dollar) as of  March 31, 2015	Market Value (US Dollar) as of    March  31, 2015	Interest payment  dates	Principal  payment schedule	Type of interest	Converted to another  security
10/18/2009	25,125,628	39,599	7,411,309	7,850,251	Quarterly paymentson   the outstanding debt, on March 1st, June 1st, September 1st and December 1st of 2015.	one installment on December 1, 2015.	Bears annual interest at a variable rate, plus annual margin of 6.1% above the annual interest rate for Israeli Government Debentures (Series 817) for each interest period.	Yes

3. Details with Regard to the Trustee

MISHMERET TRUST COMPANY LTD, No. Corporate 51-377133-7, Address: 46-48 Menachem Begin, Tel Aviv, Israel

Contact information: Rami Sebty, Vice President, Telephone No.: 972-3-6374355, Fax No.: 972-3-6374344, e-mail: ramis@bdo.co.il

4. Conversion of convertible debentures

Security Details	Conversion ratio	Major Conversion Details
Ordinary shares of NIS 1 par value	From December 2nd, 2012 to November 15th, 2015, each NIS 37.12 par value debentures (Series C) may be convertible into one ordinary share of NIS 1 par value of the Company.	Debentures may be converted each trading day from registration of the Debentures until November 15th, 2015 except during November 16th to December 1st of each of the years 2013 and 2014.

5. At the end of the reporting period and during such reporting period the Company has complied with all the conditions and obligations under the trust deed.