JERUSALEM, September 19, 2017 /PRNewswire/ --
Enlivex Therapeutics Ltd., a clinical stage immunotherapy company, announced today the closing of an $8 million equity financing round at a valuation of approximately $50 Million pre-closing.
Korea Investment Partners (KIP) has invested USD 6 million in the financing round, and Hadasit Bio Holdingings Ltd. (HBL) (TASE:HDST) has co-invested USD 2 million.
Following the closing, KIP has appointed two new members to Enlivex's Board of Directors.
The financing is expected to fund the commencement of Phase III clinical trials of Enlivex's lead compound, Allocetra™. Allocetra™ is indicated for the prevention of Graft Vs Host Disease (GVHD) post bone-marrow transplantation. In addition, Enlivex will continue pre-clinical and clinical development for other immunotherapy indications.
Shai Novik, Chairman of Enlivex, commented: "We are pleased to welcome KIP as a significant shareholder. KIP, which is the largest Venture Capital fund in Korea, brings a superb track record of success in the Korean Venture Capital market with specific domain expertise in the pharmaceutical sector. We look forward for a fruitful cooperation, building shareholder value together."
Sangwoo Lee, Executive Director of KIP, commented: "This is our third investment in the bio-tech space in Israel. We are truly excited about the potential of Enlivex to affect a change in the space of immunology."
Baruch Halpert, Chairman of HBL, stated: "As co-founders of Enlivex and co-investors in this round, we are confident that the combination of a highly-experienced management team, which was responsoble for one of the largest exits in Israeli biotech history, along with new investors with domain expertise and long standing relationships with industry players in Asia, can position Enlivex as a leading immunotherapy company."
Enlivex Pharmaceuticals Ltd is a clinical-stage immunotherapy company, developing an autologous and allogeneic drug pipeline for the treatment of autoimmune and inflammatory conditions which involve over-expression or hyper-expression of cytokines (Cytokine Release Syndrome) such as CAR-T cancer treatment procedures, Graft-versus-Host disease (GvHD) resulting from bone-marrow transplantations, solid organ transplantations and an assembly of autoimmune and inflammatory conditions, such as Crohn's disease, rheumatoid arthritis, gout, multiple sclerosis, and other disorders.
KIP, a member of Korea Investment Holdings Group, is a Venture Capital firm that has invested and promoted the growth of promising businesses for the past 30 years. KIP is managing over 20 funds totaling US$1.5 billion. Every year, KIP invests in approximately 50 companies from Korea, China and the United States. KIP's portfolio includes pioneers such as Kakao, Naver, YG Entertainment, Bodyfriend, Osstem Implant, Doubleu Games, LegoChem Bio, Viromed, Didi Chuxing and SoFi.
About HBL - Hadasit Bio-Holdings Ltd.
HBL (TASE: HDST) is a holding company with interests in life sciences companies involved in medical and biotechnological research and development. HBL is listed on the Tel-Aviv Stock Exchange, allowing the public access to the biotechnology field. Most of HBL portfolio companies originate in knowhow developed at the Hadassah Medical Center in Jerusalem.
For Media Contacts:
Enlivex Therapeutics Ltd
Ms. Shachar Schlosberger
Korea Investment Partners
Mr. Sangwoo Lee
Hadasit Bio Holdings Ltd.
Mr. Yoram Azulai
SOURCE Enlivex Therapeutics Ltd.