Israeli Clinical Stage Drug Developer Avraham Pharmaceuticals Raises $4M

March 1 2016 | Israeli clinical stage drug developer Avraham Pharmaceuticals has closed a $4 million round, led by Yissum, the technology transfer company of Hebrew University. Participation also came from Pontifax, Clal Biotechnology Industries, Integra Holdings (Yissum’s biotech holdings company), the Technion Research and Development Foundation and others. The biomed company will use the capital to complete the on-going Phase 2b study of its lead product, ladostigil, a novel molecule designed for the treatment of mild cognitive impairment (MCI) and early stages of Alzheimer’s disease, results of which are expected in the third quarter of 2016. The investment will also support activities in preparation for the next Phase 3 study of ladostigil. These include the establishment of a clinical advisory board which includes key opinion leaders in the fields of MCI and Alzheimer’s disease and a steering committee that will assist the Company in the design of the Phase 3 study. In addition, the capital will be used for preparations for a future pre-IND meeting with the FDA. Ladostigil was designed by Professor Marta Weinstock-Rosin of the Hebrew University of Jerusalem, inventor of Exelon® and Professor Moussa B.H. Youdim of the Technion Israel Institute of Technology, inventor of Azilect®. The drug substance was first synthesized by Professor Michael Chorev of the Hebrew University, who is now based at Harvard University. All three distinguished scientists act as scientific advisors to Avraham Pharmaceuticals, which is now led by CEO Dr. Yona Geffen.