Fatty liver drug developer Galmed raises $11.6m

drug development

The Israeli pharmaceutical company raised two thirds of the amount from Sphera Fund and Meitav Dash.

Israeli clinical-stage biopharmaceutical company Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) raised $11.6 million during December on Nasdaq in an at-the-market (ATM) program. Sources inform "Globes" that two thirds of this amount was invested by Israeli institutional investors Sphera Fund and Meitav Dash. Shares were sold for an average $8.45, an 11% discount on the market price.

Galmed is developing a treatment for fatty liver disease a common ailment in the Western world that can lead to NASH (Non Alcoholic Steatohepatitis) liver inflammation.

Galmed is focused on the development of Aramchol, a first in class, novel, once-daily, oral therapy for the treatment of NASH for variable populations, as well as other liver associated disorders. Galmed is currently conducting the ARREST Study, a multicenter, randomized, double blind, placebo-controlled Phase IIb clinical study designed to evaluate the efficacy and safety of Aramchol in 248 subjects with NASH, who are overweight or obese, and who are pre-diabetic or type-II-diabetic. Galmed also sponsors the ARRIVE Study, a proof-of-concept Phase IIa clinical trial designed to evaluate the safety and efficacy of Aramchol in 50 patients with HIV-associated NAFLD and lipodystrophy. The ARRIVE Study is an investigator-initiated trial, conducted at the University of California San Diego by Professor Rohit Loomba.

On Nasdaq yesterday, the company's share price rose 2.62% to $9.39, giving a market cap of $120 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

View comments in rows
Update by email about comments talkback
drug development
drug development
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018