The financing is for a Phase III trial for the Israeli company’s lead product, Glatiramer Acetate (Copaxone) Depot, for treating multiple sclerosis.
Israeli drug development company Mapi Pharma Ltd. has completed a $10 million financing round. The money was raised from aMoon Fund, an Israeli firm investing in innovative Israeli healthcare and life science ventures, founded by Marius Nacht and Dr. Yair Schindel.
Based in Ness Ziona, Mapi Pharma develops high barrier-to-entry, high added-value lifecycle management pharmaceuticals and complex active pharmaceutical ingredients (API) and formulations.
The new financing will enable the initiation of the Phase III trial for the company’s lead product, Glatiramer Acetate (Copaxone) Depot, or GA Depot, for the treatment of multiple sclerosis (MS). Mapi Pharma recently completed a successful Phase II, open-label, two arm, multicenter, study to assess safety, tolerability, and efficacy of once-a-month, long-acting IM (intramuscular) injection of 80mg or 40mg glatiramer acetate in patients with relapsing remitting multiple sclerosis (RRMS).
Mapi Pharm chairman and CEO Ehud Marom said, “I am pleased the aMoon Fund team has decided to invest in Mapi and support our future plans. Their commitment to the company is a strong testament to the promise inherent in our clinical assets and technology platform. Their investment will enable us to advance the development of GA Depot as a potential treatment for multiple sclerosis.”
aMoon Fun managing partner Dr. Yair Schindel said, “The aMoon Fund was established in order to enable exceptional Israeli healthcare companies to raise the needed funding and achieve their next significant leap. The life science industry is one of Israel’s most invaluable assets for future economic growth and Israeli investors should make sure it is not lagging behind the rest of the world due to under investments. We saw in Mapi all the necessary ingredients to build a fully-integrated Israeli-based but global pharmaceutical company, including its management, IP, technology, product pipeline and facilities. Our goal is to support Mapi’s development and production into Phase III.”
Published by Globes [online], Israel business news – www.globes-online.com – on August 17, 2017