Avraham Pharmaceuticals Ltd., a Yavneh, Israel-based developer of a multi-functional drug substance for the treatment of mild cognitive impairment, raised an additional $ 5.7m in funding.
Backers included Yissum Research Development Company Ltd., the technology transfer arm of the Hebrew University of Jerusalem, Pontifax, Clal Biotechnology Industries (TASE:CBI) and the Technion Research and Development Foundation Ltd. (TRDF).
Following the round, Yissum and Integra Holdings, Yissum’s biotech holdings company, will now hold 47% of the shares of Avraham Pharmaceuticals.
Founded in 2010 and led by Dr. Yona Geffen, Chief Executive Officer, the company develops ladostigil, a novel molecule designed for the treatment of mild cognitive impairment (MCI) and early stages of Alzheimer’s disease, currently undergoing a Phase II clinical trial.
It intends to use the capital to pursue the advanced product development program for ladostigil.