Israeli genome company IDgene Pharmaceuticals intends to raise capital in the fourth quarter of 2000 or the first quarter of 2002. Founder, president, and chief scientific officer Dr.Ariel Darvasi of Hebrew University announced the company’s plans.
Darvasi and Sagiv Shifman of the Hebrew University of Jerusalem published a study in the current issue of Nature Genetics. The study cites additional evidence supporting research into populations with high genetic homogeneity as an effective way of determining the genetic basis of diseases.
IDgene Pharmaceuticals completed a $7.65 million financing round in January. Participants in the round included venture capital funds Apax, Wellcom Trust, and Israel Seed Partners (ISP). ISP invested $500,000 in the company six months previously.
IDgene Pharmaceuticals researches population genome – the genetic basis of common diseases – by identifying genetic variations among ethnic groups with low genetic variance. The company chose to study the Ashkenazi Jewish population in Israel. Darvasi that company has so far collected genetic samples from 10,000 Ashkenazi Jews. The company focuses on diabetes, type II and other diseases, such as asthma, heart diseases, cancer, Alzheimer’s disease, and schizophrenia. IDgene Pharmaceuticals plans to use its findings in future drug development.
IDgene Pharmaceuticals was founded in 1999. The company is based in Givat Shaul in Jerusalem and employs 40 staff.
Published by Israel's Business Arena on August 2, 2001