Sources inform ''Globes'' that Vascular Biogenics Ltd. has closed a $40 million financing round at a company value of $100 million, after money. A US private equity fund that specializes in biotechnology made the investment. The company is developing novel treatments for cardiovascular pathologies and treatment of solid tumor cancers.
Although Vascular Biogenics is considered one of Israel's leading life sciences companies, it keeps a low media profile. CEO Prof. Dror Harats founded the company in 2000. He is a professor of internal medicine and biochemistry at Sheba Medical Center Tel Hashomer. COO Dr. Jacob George jointly developed the company's technology.
One of Vascular Biogenics' products under development is CI-201, an anti-inflammatory, oral compound for the treatment of atherosclerosis and other chronic inflammatory diseases. The drug may also treat rheumatoid arthritis, multiple sclerosis, inflammatory bowel disease, and psoriasis. A second product is GT-111, an anti-angiogenic, anti-cancer drug candidate. The company's Vascular Targeting System (VTS) platform is also indicated for Ischemia, peripheral vascular disease (PVD), age-related macular degeneration (AMD), and diabetic retinopathy.
According to IVC Online, Vascular Biogenics raised $25 million prior to the present investment. Investments to date include $3 million from Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), $5 million from Aurum Ventures MKI Ltd., $1 million from GlenRock Israel, and Pitango Venture Capital. Other investors are Kadima High-Tech, A. Heifetz Technologies Ltd.. Dalia Prashker, Max Herzberg, and Zeev Moses.
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2008
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