Israeli drug development company Biosight Ltd. today announced the closing of a $46 million Series C financing round led by Israel Biotech Fund (IBF) with participation from new investors, The Phoenix Insurance Company and Migdal Insurance Company, and Biotel, as well as existing investors including Arkin Bio Ventures and Primera Capital. The company raised $19 million earlier this year and has now raised another $27 million to complete the financing round.
Biosight, based at Airport City near Tel Aviv, is developing innovative cancer therapeutics for hematological malignancies and disorders.
The new funds will be used to advance the clinical development of Biosight’s lead asset BST-236 (aspacytarabine), currently being investigated in a multi-center Phase IIb study in the US and Israel as a single-agent, first-line treatment of acute myeloid leukemia (AML), and soon to be expanded to two additional Phase II trials, in Europe and the U.S., to evaluate BST-236 in relapsed/refractory myelodysplastic syndrome (MDS) and AML.
Biosight CEO Dr. Ruth Ben Yakar said, "2020 has been a transformative year at Biosight, marked by meaningful clinical, regulatory and corporate progress. This increased round, with participation by existing and new shareholders, validates the potential of BST-236 to transform the standard of care in AML and other hematological disorders. These funds leave us well positioned to launch our additional clinical programs, expanding the reach of BST-236 to additional hematological indications, while also continuing our steady progress in the ongoing Phase IIb trial.
She added, "We look forward to reporting updated data from the trial at the upcoming 2020 ASH Annual Meeting and importantly, are on track to complete study enrollment early next year. We look forward to continued execution as we advance BST-236 to address the unmet needs in the treatment of patients who are currently medically unfit to receive intensive chemotherapy."
IBF Cofounder and managing partner said, "We remain encouraged by the accumulating data which demonstrate that BST-236 may serve as a safer and more tolerable chemotherapy agent that provides meaningful benefits beyond current standard of care options. We are impressed by the steady execution of the Biosight team who have rapidly enrolled their ongoing study despite the challenging COVID environment while also making regulatory progress, gaining Fast Track Designation from the FDA, and promoting collaborations and expansion of the clinical development program of BST-236. We look forward to continued momentum and partnership throughout a milestone rich 2021."
Published by Globes, Israel business news - en.globes.co.il - on December 2, 2020
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