The company's treatment is due to begin Phase III clinical trials.
Psoriasis treatment start-up DermiPsor Ltd. is raising a $10 million financing round ahead of its Phase III clinical trial. The round is reportedly being held at a company value of $15 million, before money. The company today signed an agreement to raise $615,000 with current and new investors. The Meytag Technology Incubator portfolio company has raised $1.8 million today in preseed funding. Meytag and its parent company, Capital Point Ltd. (TASE:CPTP) own 39.5% of the company.
The company has developed a steroidal novel treatment for mild to moderate psoriasis based on the combination of Vitamin D3 derivative and Nicotinamide. The product passed US Food and Drug Administration (FDA) authorized Phase II clinical trials.
DermiPsor was founded in 2004 by Dr. Avikam Harel and Olga Bloch. Its CEO is Dr. Zeev Even-Chen and it has five employees. Investors include Empire Online founder Noam Lanir. In April, DermiPsor appointed Dr. Oren Becker as chairman. Becker was a founder of Predix, which merged to create Epix Pharmaceuticals Inc. (Nasdaq:EPIX).
Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2008
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