Medgenics has successfully completed a second round of funding to the amount of $7.5 million. The round was lead by a new investor, a life sciences fund headed by Maurice Kahn, the founder of Amdocs.
Medgenics raised $7.2 million in series A financing in March 2001 from lead investor Jean Deleage of Alta Partners, Israel`s Koor VC and Alta Berkeley Partners of the UK.
Medgenics has developed a product, called Biopump, for the treatment of anemia in patients suffering from chronic kidney problems. The Biopump technology, involves a tiny strip of skin that is taken from the patient`s body and genetically engineered in vitro to produce a therapeutic protein for the treatment of specific diseases, such as anemia, muscle wasting, hepatitis and other disorders. Once Biopump is implanted just under the patient`s skin, it delivers a measured supply of protein for months. Therapy can be safely and immediately stopped by simply removing the implant.
The funding will enable Medgenics to start clinical trials for Biopump.
Medgenics, a US-Israeli company, deals in protein therapy. The Israeli branch is a fully owned subsidiary and R&D center. Medgenics is located in Northridge, California and the Teradyon Business Park in Misgav. Medgenics CEO is Andrew Pearlman, founder of TransScan Medical and SRD Medical. The company Board of Directors includes G. Kirk Raab, the former CEO of Genentech. Another investor in the company is Jean Deleage (Alta Partners), who was among the first investors in Genentech.
Medgenics was founded in 2000 and has a workforce of 20.
Published by Globes [online] - www.globes.co.il - on 12 May 2003