Israeli clinical stage biopharmaceutical company Vensica Therapeutics announced today that it has completed a $16 million financing round led by Israel Biotech Fund (IBF). Other investors in the round include Laborie, Lew Pell, Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary, and The Trendlines Group. The funds will support the company’s phase II multicenter clinical trials in Europe and the US.
Earlier this year, Vensica signed a strategic license and collaboration agreement with Merz Therapeutics fir its botulinum neurotoxin A (XEOMIN) for needle-free use in urological procedures. Vensica will expand its workforce in Israel for the next stage of clinical and regulatory development of its device together with XEOMIN, focusing on overactive bladder treatment.
Vensica’s needle-free platform for drug delivery will be utilized for botulinum toxin type A delivery into the urinary bladder for the treatment of different urological indications including overactive bladder, neurogenic bladder, and interstitial cystitis. Today’s best treatment requires needle injections of the neurotoxin into the bladder wall. Vensica’s needle-free platform is expected to enable a far superior patient experience, to resolve many needle-associated issues, including pain, urinary retention, and to make a generally more complicated procedure easier. Vensica’s platform is also anticipated to facilitate a more efficacious treatment through a more uniform delivery of the neurotoxin to the bladder wall.
Vensica CEO Avner Geva said, "Closing this investment round is an exceptional step for Vensica. Together with our partner and shareholder, Merz Therapeutics, and with the necessary funding, we are poised to plan and complete clinical and regulatory processes that will enable us to bring innovative and less invasive treatment of bladder diseases to the market."
Published by Globes, Israel business news - en.globes.co.il - on November 1, 2021.
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