Targeted drug delivery systems developer TheraCoat Ltd. has raised $7 million from Pontifax, founded by the late Eli Hurvitz, and CHealth Fund, founded by his son, Chaim Hurvitz, as well as private investors. The company will use the proceeds for R&D, clinical trials, and the launch of sales.
TheraCoat, founded in 2004, has developed a unique platform technology to improve drug delivery into internal cavities including the bladder. Drug companies will be able to use TheraCoat’s polymeric system to improve the therapeutic index of their drugs, improve patient benefit, compliance and safety, and extend the patent protection and product life cycle.
TheraCoat has received EU CE Mark for its system and it is preparing to commence clinical trials for urologic applications. The company is focusing on three bladder indications: non-muscle invasive bladder and urothelial cancer, and overactive bladder. These problems affect over 50 million people in the US and Europe. Current treatments utilizing intravesical drug instillations have low efficiency: once a drug is delivered into the bladder, it is quickly diluted and excreted. TheraCoat’s novel drug delivery system effectively overcomes this drawback.
TheraCoat CEO Gil Hakim said, "The funds raised will allow the company to move forward to clinical trials with the company’s lead product, which has recently received CE approval for marketing in Europe. We believe the trials will form the foundation and assist in our marketing strategy of the lead product and in creating strategic collaborations."
TheraCoat chairman Prof. Arie Belldegrun said, “The company’s financial strength will allow us to expand development of our planned urological products."
Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013