Israeli optimized therapeutics co PolyPid raises $15m

Biotech development, photo: Shutterstock

The Petah Tikva based clinical drug development company raised the money at a company value of $180 million.

Israeli optimized therapeutics company PolyPid has completed a financing round of $15 million at a company value of $180 million. Petah Tikva based Polypid is a portfolio company of Xenia Venture Capital Ltd. (TASE:XENA), which made the announcement of the capital raising. Xenia did not itself invest in the financing round.

PolyPid is a clinical stage drug development company focused on manufacturing and commercializing noval, locally administered therapies using PLEX (Polymer-Lipid Encapsulation matriX) technology. The company’s product pipeline candidates are designed to address unmet medical needs by pairing PLEX technology with approved pharmaceuticals which are delivered locally at predetermined release rates and duration over periods ranging from days to several months. PLEX technology has the potential to improve patient outcomes and lower the overall cost of treatment by enabling customizable, controlled local delivery of drugs, thereby addressing many of the shortcomings of systemic administration and existing localized delivery systems.

PolyPid had planned a Nasdaq IPO earlier this year but pulled the offering due to unfavorable market conditions. Xenia's announcement now talks about a future IPO.

Xenia specializes in investing in medical device and biotech companies and earlier this week, another portfolio company Medi-tate, which has developed a medical device to treat prostate cancer, has raised $20 million from Japanese company Olympus.

Published by Globes, Israel business news - en.globes.co.il - on November 8, 2018

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

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Biotech development, photo: Shutterstock
Biotech development, photo: Shutterstock
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