The Richter Family Fund has participated in a $17 million round of financing in US company Pervasis Therapeutics Inc. Other investors in the company's third round of financing included Flagship Venture Partners, Polaris Venture Partners and Highland Capital Partners.
The Richter Family Fund is led by Medinol Ltd. chairman and chief technology officer Dr. Kobi Richter and CEO Dr. Judith Richter. Together, they have more than 30 years experience in developing technology and medical devices, with a focus on vascular diseases. Medinol develops and produces stents at its offices in Jerusalem and Tel Aviv.
Pervasis also announced that VP R&D BIOrest Dr. Yoram Richter has been appointed to Pervasis' Board of Directors. The US company said that, "He adds to Pervasis' Board significant research, development and commercial expertise in cardiovascular clinical applications."
Biorest, a spinoff from Medinol, has developed a new drug for preventing a recurring of arteriostenosis (an arterial blockage) where a stent has been inserted.
The $17 million raised by Pervasis will be used to support the company's ongoing clinical development programs, including PVS-10200, a biologically active therapy designed to reestablish healthy vasculature following common interventions to treat peripheral arterial disease (PAD) and other conditions. Pervasis also continues to advance its lead program, Vascugel((R)), which is being developed to prevent arteriovenous access failure in hemodialysis patients. Two Phase 2 trials for Vascugel have been successfully completed, and Pervasis is in active dialogue with the U.S. Food and Drug Administration (FDA) regarding the next steps required for the submission of a Biologics License Application.
Dr. Yoram Richter said, "Pervasis' proprietary endothelial technology creates an entirely new product platform for the discovery and development of novel therapeutics to treat vascular diseases, with potential in other indications outside of the cardiovascular field. I look forward to contributing to the company's ongoing efforts as an active member of the Board."
The Richters also hold an 8.9% stake in Orbotech Ltd. (Nasdaq: ORBK.
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2009
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