Stem cell therapies developer Gamida Cell Ltd. has raised $10 million in its fifth financing round from all its investors. The company will use the proceeds to support the global commercialization of its lead cell therapy product, StemEx, as an alternative therapeutic treatment for patients with blood cancers, such as leukemia and lymphoma, who can be cured by bone marrow transplantation but do not have a matched bone marrow donor.
Gamida Cell is developing StemEx with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), and it is seeking a strategic partner for the product's global commercialization.
The company will also use the proceeds for the further development of other products, primarily a clinical trial of its NiCord treatment for sickle cell anemia and thalassemia.
Gamida Cell chairman Reuven Krupik said, “The investors were unanimous in their decision to reinvest, understanding the importance of bringing StemEx to market as well as maintaining the company’s leadership role in the stem cell industry. Gamida Cell is a game changer."
Gamida Cell completed enrollment for a pivotal Phase III clinical trial of StemEx in February, and expects results in the fourth quarter. The company plans to launch the product in 2013, and it could be the first allogeneic stem cell product in the market.
The company's current investors include Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT), Clal Biotechnology Industries Ltd. (TASE: CBI), Israel Healthcare Venture, Teva, Amgen, Denali Ventures and Auriga Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012