Arkin Holdings and Primera Capital Lead an Investment of $13M in BioSight for an Innovative Treatment of Acute Leukemia
Mori Arkin's Arkin Holdings firm and the US VC Primera Capital will invest $5M each
The current shareholders will invest additional $3M
Proceeds of the financing will be used to fund a multi-center Phase IIb clinical trial with the BioSight's lead product, Astarabine, for the treatment of Acute Myeloid Leukemia (AML)
May 16, 2016, 07:00 ET
KARMIEL, Israel, May 16, 2016 /PRNewswire/ -- BioSight, Ltd, an Israeli pharmaceutical development company focused on the development of innovative chemotherapy pro-drugs with reduced toxicity, announced today the closing of an investment of $13M led by the Mori Arkin's pharmaceutical investment firm, Arkin Holdings, and the US based venture firm Primera Capital. Proceeds of the financing will be used to fund a multi-center phase IIb clinical trial with the company's lead product, Astarabine™, for the treatment of AML.
According to the investment terms, Arkin Holdings and Primera Capital will invest $5M each, and additional $3M will be invested by existing shareholders including Michael Ilan Management & Investments. The investment is made in two steps, the first is immediate and the second is expected in the upcoming year, upon completion of a milestone by the company.
Astarabine™ is an innovative compound of the chemotherapy drug cytarabine (Ara-C) and the amino acid asparagine. Cytarabine is the first-line treatment for AML and relapsed/refractory Acute Lymphoblastic Leukemia (ALL). The use of cytarabine is accompanied by high toxicity and severe side effects such as cerebellar toxicity and bone marrow suppression. Therefore, despite the effectiveness of cytarabine as an anticancer drug, its toxicity significantly limits its use, especially for older patients and for patients with comorbidities, who constitute a significant percentage of AML patients.
BioSight is currently completing a Phase I/IIa clinical trial to evaluate the safety and efficacy of Astarabine™ as a monotherapy for AML and ALL, conducted at Rambam Hospital in Israel under the supervision of Dr. Tsila Zuckerman. The results obtained to date indicate a good safety profile with no significant drug-related side effects, including in 80 and 90 year old patients. Furthermore, Astarabine™ treatment achieved high response rates in newly diagnosed AML/ALL and secondary AML patients unfit for conventional chemotherapy.
BioSight is in preparations for a multi-center Phase IIb trial in the US, Europe, and Israel, to further evaluates the efficacy and safety of Astarabine™ in the treatment of AML.
Additional information: www.biosight-pharma.com
Contact:
Dr. Ruth Ben Yakar, CEO
info@biosight-pharma.com
SOURCE BioSight, Ltd
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