Sources inform ''Globes'' that dermatological start-up HealOr Ltd., which is developing medications for the treatment of skin disorders, including chronic wounds, has raised $8 million from a group of investors led by Pitango Venture Capital. The proceeds will help the company move forward with the development of its flagship product, HO/O3/O3, for the treatment of diabetic foot ulcers and venous leg ulcers. The drug recently completed Phase I safety trials which found it to be safe to use with no significant side effects.
Pitango senior partner Ruth Alon said, "HealOr's knowledge in molecular dermatology, and its impressive achievements in the five years since it was founded, make it a leading player in the wound treatment field. The company has managed, within a short space of time, to develop an innovative technology and carry out clinical trials to test its products."
Wound treatment is set to be one of the mega markets in the coming years, with partial solutions already generating $10 billion turnover, even though no genuine solution has as yet been found.
HealOr was co-founded in 2002 by Dr. Tamar Tennenbaum, a researcher in skin physiology and pathology at Bar Ilan University, and Prof. Sampson Sanford, also of Bar Ilan University. At the end of the 1990s, Sanford received a research grant from Johnson & Johnson Pharmaceutical Research & Development and HealOr was founded on the basis of the results of the results of this research (the rights to which Johnson & Johnson does not own).
Published by Globes [online], Israel business news - www.globes.co.il - on November 26, 2007
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