Hadasit Bio Holdings Ltd. (TASE:HDST) portfolio company Cell Cure Neurosciences Ltd. has raised NIS 3 million at a company value of NIS 8 million, before money, in a financing round from current shareholders. Hadasit Bio invested NIS 2.2 million of the round, and will own 38% of the company following the investment.
According to IVC Online, Cell Cure's investors include Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), with an 11% stake, ES Cell International (ESI), and Israeli ALS Association. The Michael J. Fox Foundation for Parkinson's Research gave the company a $660,000 grant.
Cell Cure is developing cell therapies for retinal and neural degenerative diseases. The cells are derived from human embryonic stem cells. The company's OpRegen product is intended for use in retinal pigmented epithelial transplants in patients with age related macular degeneration (AMD).
Cell Cure is about to embark on a $10 million financing round, and has hired a New York-based investment bank that specializes in the life sciences to manage it. Proceeds from the round will finance a Phase I/II clinical trial of OpRegen. The clinical trial is scheduled to being in 2011.
Hadasit Bio is a unit of Hadasit - the Technology Transfer Company of Hadassah Medical Organization . Its share rose 0.3% by midday today to NIS 1.15.
Published by Globes [online], Israel business news - www.globes-online.com - on October 14, 2009
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