PolyPid Ltd., a Petah Tikva, Israel-based clinical-stage specialty pharmaceutical company, closed a $22m private equity financing.
The round was co-led by new investor Shavit Capital and current investor Aurum Ventures with participation from Chaim Hurvitz, who will now head the Company’s board of directors, as well as other existing shareholders.
The company intends to use the funds to complete an ongoing confirmatory European clinical trial in severe open tibia fractures for BonyPid-1000™, its proprietary investigational doxycycline-loaded synthetic bone substitute, which is planned to be finalized by 2017, and finance the initiation of phase III clinical study for its lead product, D-PLEX™, designed to prevent post-cardiac surgery Sternal infections.
Led by Amir Weisberg, CEO, PolyPid is a clinical stage specialty pharmaceutical company, developing, manufacturing and commercializing products based on a proprietary platform named PLEX™ (Polymer-Lipid Encapsulation matriX), in the field of extended release, local drug delivery.
The company’s lead product, D-PLEX™, is a secure antibiotic drug reservoir that provides a local anti-bacterial preventive and eradication treatment at the target site and is designed to be administered during surgical procedures.