PETAH TIKVA, Israel, Sept. 4, 2019 /PRNewswire/ -- PolyPid Ltd., a clinical-stage biopharmaceutical company focused on developing and commercializing novel, locally administered therapies, announced today the closing of its $50M Series E-1 preferred shares financing round. The financing was led by existing institutional shareholders and included US-based high-net worth investors. National Securities Corporation acted as the placement agent for the financing.
PolyPid plans to use the proceeds from the financing to advance the clinical development of its lead product D-PLEX100 into two phase 3 pivotal registration trials.
"We are delighted to welcome this new syndicate of US-based investors, who share our passion, commitment, and vision for bringing D-PLEX100 to patients undergoing surgery worldwide," said Amir Weisberg, PolyPid's CEO. "With this financing in place, we are well positioned to advance D-PLEX100 further towards commercialization and continue to develop the rest of our pipeline of locally administered therapies."
PolyPid's lead drug product candidate, D-PLEX100, is a novel pharmaceutical agent designed to provide local and prolonged anti-bacterial activity to prevent surgical site infections. Following the administration of D-PLEX100 into the surgical site, D-PLEX technology enables the constant and prolonged release of a broad-spectrum antibiotic, generating high local concentrations for up to four weeks. Through this mechanism, D-PLEX100 has demonstrated the ability to effectively prevent surgical site infection including those caused by antibiotic resistant bacteria. D-PLEX100 has received Fast Track status and two Qualified Infectious Disease Product (QIDP) designations from the FDA for the prevention of sternal wound infection post cardiac surgery and for the prevention of post-abdominal surgery incisional infection.
PolyPid is a clinical stage biopharmaceutical company focused on developing and commercializing novel, locally administered therapies using its transformational PLEX (Polymer-Lipid Encapsulation Matrix) technology to treat a wide variety of localized medical conditions with an initial focus on the management of surgical site infections. PLEX-based products have demonstrated an excellent efficacy and safety profile during extended clinical trials. More than 200 patients have been treated in clinical trials to date. PolyPid's technology and products are based on the inventions of Dr. Noam Emanuel, the Founder and the Chief Scientific Officer of the company. For additional company information, visit www.polypid.com.
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, and use of proceeds from the offering are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Actual events or results may differ materially from those contained in the projections or forward-looking statements. In addition, historic results of scientific research and clinical and preclinical studies do not guarantee that the conclusions of future research or studies will suggest identical or even similar conclusions or that historic results referred to in this press release would not be interpreted differently, in light of additional research and clinical and preclinical study results. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Dikla Czaczkes Akselbrad
Chief Financial Officer
SOURCE PolyPid Ltd.