Stem cell company CellCure Neurosciences Ltd., which is a portfolio company of Hadasit Bio Holdings Ltd. (TASE:HDST), has raised $7.1 million. Investors in the current round of funding include Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA), BioTime Inc. (AMEX: BTIM) and Hadasit itself.
Teva will receive rights to the company's most advanced product which is designed to treat the eye disease AMD. Teva will invest $2 million immediately, will make milestone and royalty payments, and will finance all clinic trials and the licensing process for the treatment.
BioTime the biggest investor in the latest round of funding, will put $4.1 million into the stem cell company. Hadasit invested $1 million and will convert its previous loan in the company into equity.
This is the largest round of funding ever and a first ever commercial agreement for a Hadasit portfolio company.
Hadasit's share rose 0.9% on the TASE today to NIS 1.11.
Published by Globes, Israel business news - www.globes-online.com - on October 10, 2010
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