BioSight Ltd, a Karmiel, Israel-based pharmaceutical development company, closed $13m in funding.
The round, made in two steps, the first immediate and the second expected in the upcoming year, upon completion of a milestone by the company, was led by Arkin Holdings and Primera Capital, which will invest $5m each, with participation from existing backers including including Michael Ilan Management & Investments, which will invest additional $3m.
The company will use the funds to conduct a multi-center Phase IIb clinical trial of its lead product, Astarabine, an innovative compound of the chemotherapy drug cytarabine (Ara-C) and the amino acid asparagine for the treatment of Acute Myeloid Leukemia (AML).
Led by Stela Gengrinovitch, PhD, Co-Founder, Chief Scientist Officer, and Ruth Ben Yakar, PhD, CEO, BioSight focuses on the development of innovative chemotherapy pro-drugs with reduced toxicity. The company is currently completing a Phase I/IIa clinical trial to evaluate the safety and efficacy of Astarabine™ as a monotherapy for AML and ALL (Acute lymphocytic leukemia), conducted at Rambam Hospital inIsrael under the supervision of Dr. Tsila Zuckerman.