Israeli clinical-stage pharmaceutical company Raziel Therapeutics has announced a $22 million Series C preferred stock financing round led by Pontifax, and with the participation of existing investors Dr. Shmuel Cabilly and Docor International as well as new investors, Catalyst Fund, Quark venture, Peregrine Investments and Wille AG.
Raziel Therapeutics is developing a proprietary new chemical entity drug, RZL-012, for aesthetic applications such as submental fat, and fat disorders such as Dercum's disease, with a single injection treatment into subcutaneous fat. Financial proceeds will support Phase 2b development of RZL 012 for Submental fat reduction and Dercum's Disease. The company has graduated from the Hebrew University of Jerusalem tech transfer company Yissum Technology Transfer Company of the Hebrew University of Jerusalem and has raised $27 million including the latest financing round.
The Rehovot-based company received FDA approval last month to develop RZL-012 as an orphan drug for Dercum's disease patients. A Phase IIb study for Dercum's disease will be initiated during the second quarter of 2020 and if successful could lead to NDA filing as soon as 2021.
Raziel CEO Alon Bloomenfeld said, "As we advance RZL-012 into Phase IIb development in therapeutic and aesthetic indications, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class product with clear clinical benefits that address the unmet needs of many people with Fat disorders and Aesthetic conditions."
Raziel has also announced the appointment of Philippe Schaison as chairman of the board of directors. Dr. Schaison previously served as North American CEO of Syneron Candela and previously as the President of US Aesthetic & Dermatology at Allergan. He said, "Raziel's technology platform far exceeds anything else in development on the market today. I am excited to be joining the company as Chairman of the Board of Directors to help it advance RZL-012 as the next generation of injectable aesthetic and Fat Disorder treatment."
Published by Globes, Israel business news - en.globes.co.il - on December 18, 2019
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