Israeli biotech company ProteKt Therapeutics today announced the signing of a binding agreement for a $3.6 million equity financing round co-led by Fonds de Solidarité FTQ and Bukwang Pharmaceutical together with existing investors FutuRx, OrbiMed, Johnson & Johnson Innovation - JJDC, Inc., Takeda Ventures, Inc. and RM Global Partners (RMGP) BioPharma Investment Fund. Based in Ness Ziona, the company is developing new PKR kinase inhibitor-based therapies for neurodegenerative diseases including Alzheimer's disease.
Proceeds from the financing will be used primarily to select a lead drug candidate molecule and validate its neurotherapeutic effects in vivo. The company also plans to initiate the clinical development of a related diagnostic assay for patient selection and treatment personalization.
ProteKt Therapeutics CEO Yotam Nisemblat said, "The new funding will enable us to select and validate novel and selective neuroinflammation inhibitors and continue their development all the way to clinical studies with our next financing round. In addition, adopting a precision medicine approach and developing a patient selection diagnostic assay should increase the likelihood for an effective treatment".
FutuRx CEO Kinneret Savitzky said, "We are proud to see our portfolio company ProteKt graduate from the FutuRx incubator with the capability to continue its development of novel therapies for unmet medical needs in neurology such as neurodegenerative diseases with the help of new and existing investors.
Published by Globes [online], Israel business news - en.globes.co.il - on November 13, 2019
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