Israeli biopharmaceutical start-up Protalix Biotherapeutics Ltd, today announced that it was expanding its latest round of financing by $2.4 million to $7.6 million.
The second closing was led by Ziff Asset Management LP, a US-based private investment fund affiliated with Ziff Brothers Investments.
Protalix develops biological drugs expressed in a plant cell culture bioreactor system. The company's lead therapeutic compound, Plant Recombinant Glucocerebrosidase (pr-GCD), is a proprietary protein-based drug for the treatment of Gaucher Disease.
The first closing took place during July this year, for an investment of $ 5.3 million, and was led by Tamares Capital (controlled by Poju C. Zabludowicz) , Docor International BV (a subsidiary of the Van Leer Foundation), and Atara Technology Ventures Ltd. (part of the Israel Phoenix Assurance (TASE: PHOE1 ;PHOE5) group). Existing Protalix shareholders participated alongside the new investors.
The main use of the proceeds is to advance the company’s lead product through clinical studies, to aggressively develop discovery and collaboration programs and to expand the technological platform and manufacturing capabilities.
Protalix CEO Dr. David Aviezer said, ``The progress of the company’s lead drug, for the treatment of Gaucher’s disease, into clinical trials, is obviously a driver behind this investment, and we plan to continue to aggressively pursue this effort, as well as additional products and technological capabilities that will build value for the company and its shareholders”.
Following the close of the funding round, the stake held by publicly traded Biocell (TASE:BCEL) (formerly Orazit Ltd.) will be reduced to 33.2%. As Protalix is the sole company in Biocell's portfolio, its value may be estimated at $73 million.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, December 26, 2005