REHOVOT, Israel, Dec. 18, 2019 /PRNewswire/ -- Raziel Therapeutics a clinical-stage pharmaceutical company announces a $22 million Series C preferred stock financing led by Pontifax, with the participation of existing investors Dr. Shmuel Cabilly and Docor International plus new investors, Catalyst CEL, Quark venture, Peregrine Investments and Wille AG.
Raziel Therapeutics is developing a proprietary New Chemical Entity Drug, RZL-012, for Aesthetic applications i.e submental fat, and fat disorders i.e Dercum's disease, with a single injection treatment into subcutaneous fat. Financial proceeds will support Phase 2b development of RZL 012 for Submental fat reduction and Dercum's Disease.
The company received on November 19th an approval from the FDA to develop RZL-012 as an orphan drug for Dercum's disease patients. Phase 2b study for Dercum's disease will be initiated during Q2 2020 and if successful could lead to NDA filing as soon as 2021.
Alon Bloomenfeld Chief Executive Officer of Raziel, commented, "As we advance RZL-012 into Phase 2b development in therapeutic and aesthetic indications, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class product with clear clinical benefits that address the unmet needs of many people with Fat disorders and Aesthetic conditions."
Raziel also announced appointment of Philippe Schaison as Chairman of the Board of Directors. Dr. Schaison previously served as North American CEO of Syneron Candela and previously as the President of U.S. Aesthetic & Dermatology at Allergan. "Raziel's technology platform far exceeds anything else in development on the market today," said Schaison. "I am excited to be joining the company as Chairman of the Board of Directors to help it advance RZL-012 as the next generation of injectable aesthetic and Fat Disorder treatment."
About Raziel Therapeutics
Raziel Therapeutics is a clinical-stage pharmaceutical company developing a novel synthetic small molecule (NCE) for aesthetics and fat disorders. A Single multi-site injection of RZL-012 into subcutaneous fat causes immediate fat cell death at the injection site, resulting in significant reduction of fat tissue for long time periods.
Alon Bloomenfeld CEO
SOURCE Raziel Therapeutics