Ayala Pharmaceuticals, an Israeli clinical-stage company that develops medicines for cancers that are genetically defined, announced Tuesday it had closed a $30 million Series B funding round.
The financing round was led by Swiss multinational pharmaceutical company Novartis, with participation from SBI JI Innovation Fund and existing investors Israel Biotech Fund, aMoon and Harel Insurance & Finance Group.
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Ayala will use the funds to advance AL101, their pan-Notch inhibitor being evaluated for adenoid cystic carcinoma (ACC). They also want to initiate a phase 2 clinical trial in triple negative breast cancer (TNBC.)
“The strategic investment by Novartis coupled with the continued support from our investors in this round underscores the potential for both AL101 and AL102, pan-Notch inhibitors being investigated in patient populations with high unmet needs,” said Roni Mamluk, Ph.D., and CEO at Ayala Pharmaceuticals. “With this funding we are well positioned to complete the ongoing phase 2 study of AL101 in ACC and begin a phase 2 study with AL101 as a targeted therapy for patients living with TNBC bearing Notch activating mutations/fusions.”
The U.S. Food and Drug Administration’s Office of Orphan Products Development recently granted Orphan Drug Designation to AL101 for its potential treatment of ACC.