Drug delivery co PolyPid raises $1m

The Xenia portfolio company's funding was based on a $3.5 million valuation.

PolyPid Ltd., which is developing a method for preprogrammed delayed release of drugs for treating deep bone infections, has raised $1 million at a company value of $3.5 million, after money. The financing round is in two stages, subject to milestones; the second stage will be carried out when the company obtains permission of the ethics committee for human clinical trials of its product.

PolyPid's drug is designed to treat both chronic infections and infections caused by wounds. The product can also treat periodontitis (gum infections). The drug is a matrix of one or more biologically active molecules. The matrix releases the entrapped drugs precisely at the desired location. The rate of release is controllable by programming the characteristics of the molecules.

PolyPid CEO Dr. Noam Emanuel founded the company at Xenia Venture Capital Ltd. (TASE:XENA) in 2008. Xenia owns 24.1% of the company.

Xenia CEO Anat Segal said, "Current treatments for deep bone infection use oral or intravenous drugs, which are supposed to reach the bone through the blood, but find it difficult to arrive because of the low blood flow in the area of the infection. There is no current solution for localized treatment."

Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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