PolyPid Announces Completion of $22 Million Series D Financing
PETAH TIKVA, Israel, February 24, 2016 /PRNewswire/ --
PolyPid Ltd., an emerging clinical-stage specialty pharmaceutical company, focused primarily on the development of post-surgical anti-infection pipeline, announced today that it closed a $22 million private equity financing. The financing was co-led by new investor Shavit Capital and current investor Aurum Ventures. The round also included participation of Chaim Hurvitz who will now head the Company's board of directors, as well as other existing shareholders.
The new investment is expected to facilitate the completion of an ongoing confirmatory European clinical trial in severe open tibia fractures for BonyPid-1000™, the company's proprietary investigational doxycycline-loaded synthetic bone substitute, which is planned to be completed by 2017. The company also plans to finance the initiation of phase III clinical study for its lead product, D-PLEX™ designed to prevent post-cardiac surgery Sternal infections, where approximately 40% of infections are fatal.
Gary Leibler, Founder and Managing Partner of Shavit Capital said, "PolyPid joins our portfolio of companies which have developed a core technology that has the potential to serve as the foundation of several multi-billion dollar product lines. The company's recent progress, as evidenced by the initiation of the final CE mark certification clinical trial for BonyPid-1000™ as well as the preparation for a phase III clinical trial for D-PLEX™ in the US has ensured that we were able to complete a relatively large round of finance comprising first tier investors."
"The commitment from both new and existing investors provides us with the necessary resources to advance our pipeline towards commercialization, initiate our own GMP manufacturing facility and further invest in early-stage PLEX™ programs that can fuel our growth over the long term in the area of post-surgery infections and pain management" stated Amir Weisberg, CEO of PolyPid. "With this financing in place, we are well positioned to advance our drug candidates that address unmet medical needs in post-surgical care."
PolyPid is a clinical stage, emerging specialty pharmaceutical company, developing, manufacturing and commercializing products based on a proprietary platform named PLEX™ (Polymer-Lipid Encapsulation matriX), in the field of extended release, local drug delivery. PLEX™ technology optimizes drug therapeutic performance and clinical outcomes, improves pharmacoeconomic potential as well as offers lifecycle extention for novel drugs. This is achieved via PLEX™ based protected drug reservoirs enabling prolonged delivery of drugs, including biologics, over periods ranging from days to several months. The application of PLEX™ technology enables optimized drug treatment regimens by predetermining release rates and durations, a rare combination of attributes.
PolyPid's lead product, D-PLEX™, is a secure antibiotic drug reservoir that provides a safe and effective local anti-bacterial preventive and eradication treatment at the target site and is designed to be administered during surgical procedures. After surgery the drug reservoir constantly releases the entrapped antibiotic over several weeks, thus allowing prolonged infection management with increased potential to eradicate antibiotic resistant bacteria.
For additional company information, visit http://www.polypid.com
Kanaan Public Relations
SOURCE PolyPid Ltd.