Raziel Therapeutics, a Rehovot, Israel-based clinical-stage pharmaceutical company, raised $22m in Series C financing.
The round was led by Pontifax, with participation from existing investors Dr. Shmuel Cabilly and Docor International and new investors Catalyst Fund, Quark venture, Peregrine Investments and Wille AG.
Raziel Therapeutics is developing a proprietary New Chemical Entity Drug, RZL-012, for Aesthetic applications i.e submental fat, and fat disorders i.e Dercum’s disease, with a single injection treatment into subcutaneous fat.
Financial proceeds will support Phase 2b development of RZL 012 for Submental fat reduction and Dercum’s Disease.
Led by Alon Bloomenfeld, Chief Executive Officer, the company received on November 19th an approval from the FDA to develop RZL-012 as an orphan drug for Dercum’s disease patients. Phase 2b study for Dercum’s disease will be initiated during Q2 2020 and if successful could lead to NDA filing as soon as 2021.
Raziel also announced appointment of Philippe Schaison as Chairman of the Board of Directors. Dr. Schaison previously served as North American CEO of Syneron Candela and previously as the President of U.S. Aesthetic & Dermatology at Allergan.