Israeli clinical-stage company developing medicines for cancers that are genetically defined Ayala Pharmaceuticals Inc. today announced the completion of a $30 million Series B financing round.
The investment was led by Novartis with participation from SBI JI Innovation Fund and all existing investors, including Israel Biotech Fund, aMoon and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL).
The funds will be used for the clinical development of lead product candidate AL101, a pan-Notch inhibitor that is currently being evaluated for adenoid cystic carcinoma (ACC). The Rehovot-based company intends to move ahead with the Phase II study in ACC and initiate a Phase II clinical trial in triple negative breast cancer (TNBC).
Ayala CEO Roni Mamluk said, “The strategic investment by Novartis coupled with the continued support from our investors in this round underscores the potential for both AL101 and AL102, pan-Notch inhibitors being investigated in patient populations with high unmet needs. With this funding we are well positioned to complete the ongoing Phase II study of AL101 in ACC and begin a Phase II study with AL101 as a targeted therapy for patients living with TNBC bearing Notch activating mutations/fusions.”
Ayala Pharmaceuticals is broadly developing its product candidates, AL101 and AL102, best-in-class gamma secretase inhibitors, with studies underway in solid tumors (AL101) and in hematologic malignancies (AL102) and in collaboration with Novartis in multiple myeloma.
The US Food and Drug Administration (FDA) recently granted Orphan Drug Designation to AL101 for the potential treatment of ACC.
Published by Globes, Israel business news - en.globes.co.il - on May 28, 2019
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