Fatty liver drug developer Galmed raises $11.6m

drug development

The Israeli pharmaceutical company raised two thirds of the amount from Sphera Fund and Meitav Dash.

Israeli clinical-stage biopharmaceutical company Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) raised $11.6 million during December on Nasdaq in an at-the-market (ATM) program. Sources inform "Globes" that two thirds of this amount was invested by Israeli institutional investors Sphera Fund and Meitav Dash. Shares were sold for an average $8.45, an 11% discount on the market price.

Galmed is developing a treatment for fatty liver disease a common ailment in the Western world that can lead to NASH (Non Alcoholic Steatohepatitis) liver inflammation.

Galmed is focused on the development of Aramchol, a first in class, novel, once-daily, oral therapy for the treatment of NASH for variable populations, as well as other liver associated disorders. Galmed is currently conducting the ARREST Study, a multicenter, randomized, double blind, placebo-controlled Phase IIb clinical study designed to evaluate the efficacy and safety of Aramchol in 248 subjects with NASH, who are overweight or obese, and who are pre-diabetic or type-II-diabetic. Galmed also sponsors the ARRIVE Study, a proof-of-concept Phase IIa clinical trial designed to evaluate the safety and efficacy of Aramchol in 50 patients with HIV-associated NAFLD and lipodystrophy. The ARRIVE Study is an investigator-initiated trial, conducted at the University of California San Diego by Professor Rohit Loomba.

On Nasdaq yesterday, the company's share price rose 2.62% to $9.39, giving a market cap of $120 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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